| COMPANY |
Alibaba Group Holding Limited |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
20-cv-09568 |
| JUDGE |
The Honorable George B. Daniels |
| CLASS PERIOD |
October 21, 2020 - November 3, 2020 |
| SECURITY TYPE |
All Securities |
Case Background:
The Class Period commences on October 21, 2020 when Alibaba filed a Form 6-K with the SEC. Attached as an exhibit to the Form 6-K was a statement entitled “Ant Group has announced its arrangements for initial public offering and listing.” On October 26, 2020, Ant Group priced its IPO and was set to raise $34.5 billion, making it the largest public offering in history.
However, on November 2, 2020, Financial Times reported that Chinese regulators had met with Ant Group’s controller Jack Ma, executive chairman Eric Jing, and Chief Executive Officer Simon Hu and that although regulators did not provide details, “the Chinese word used to describe the interview – yuetan – generally indicates a dressing down by authorities.” The article also included a statement from Ant Group that it will “implement the meeting opinions in depth.”
The complaint alleges that throughout the Class Period, the Defendants failed to disclose to investors that: (1) Ant Group did not meet listing qualifications or disclosure requirements for certain material matters; (2) certain impending changes in the Fintech regulatory environment would impact Ant Group’s business; (3) as a result of the foregoing, Ant Group’s IPO was reasonably likely to be suspended; and (4) as a result of the foregoing, the defendants’ positive statements about Alibaba’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.