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Alibaba Group Holding Ltd (NYSE:BABA) Investor Securities Class Action Lawsuit 10/05/2015

  • If you purchased shares of Alibaba Group Holding Ltd (NYSE:BABA), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Alibaba Group Holding Ltd
Security
NYSE: BABA

Case Name
Alibaba Group Holding Shareholder Class Action Lawsuit 10/05/2015
Type of Lawsuit
Shareholder Class Action
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Summary

May 25, 2016 - A consolidated amended complaint was filed.

October 05, 2015 - An investor in Alibaba Group Holding Ltd (NYSE:BABA) filed a lawsuit in California on behalf certain investors in Alibaba Group Holding Ltd (NYSE:BABA) over alleged Securities Laws violations by Alibaba Group Holding Ltd in connection the company’s September 2014 initial public offering. Alibaba Group Holding Ltd conducted its initial public offering (‘IPO”) in September 2014 and sold more than 368 million ADSs at $68 per share.

The plaintiff alleges Securities Laws Violations by Alibaba Group Holding Ltd, certain of its officers and directors, and the underwriters of the IPO.

More specifically, the plaintiff claims that that certain statements made by Alibaba Group Holding Ltd in connection with the company’s IPO were false and misleading. The plaintiff says that the registration statement that was filed in connection with company’s IPO allegedly contained untrue statements of material fact and omitted to state material facts both required by governing regulations and necessary to make the statements made not misleading.

Among other things, the plaintiff claims that the registration statement that was filed in connection with company’s IPO allegedly failed to disclose that certain Alibaba Group Holding Ltd executives had met with the China's State Administration of Industry and Commerce ( SAIC ) in July 2014, just two months before the IPO in the United States, and that regulators had then notified Alibaba Group Holding Ltd of a variety of illegal business practices that threatened the core of Alibaba's business and that the defendants were required to disclose this material information.

The plaintiff says that in the weeks and months following the IPO the price of Alibaba Group Holding Ltd ADS shares shot up to trade at $ 120 per share, but when the truth of defendants alleged misrepresentations and omissions became known, the price of Alibaba ADS shares suffered sharp declines.

Indeed, by September 24, 2015, Alibaba Group Holding Ltd (NYSE:BABA) shares traded below $ 60 per share, a decline of over 50% from the $ 120 per share.

Those who purchased Alibaba Group Holding Ltd (NYSE:BABA) shares should contact the Shareholders Foundation, Inc.