The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Alibaba Group Holding Limited (NYSE: BABA) who purchased shares between July 9, 2020 and December 23, 2020. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Alibaba lawsuit alleges that (1) Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Group”), a financial technology company in which Alibaba owns a 33% equity interest, 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 initial public offering was reasonably likely to be suspended; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until January 12, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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