SAN DIEGO, Dec. 31, 2020 /PRNewswire/ — Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Alibaba Group Holding Limited (“Alibaba” or the “Company”) (NYSE: (BA)(BA)).
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Last month a class action complaint was filed against Alibaba. The complaint alleges that throughout the class period, Defendants issued materially false and misleading statements and failed to disclose 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 lacked a reasonable basis.
Then on December 23, 2020, Chinese regulators made known that it had launched an antitrust investigation into Alibaba, acting on reports that Alibaba was pressuring merchants who sell goods on its platform to commit to not selling their goods on Alibaba’s competitors’ platforms.
If you have information that could assist in this investigation, or if you are an Alibaba shareholder and are interested in learning more about the investigation, please contact Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP