LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising purchasers of the securities of Alibaba Group Holding Limited (“Alibaba” or the “Company”) (NYSE:BABA) between October 21, 2014 and January 28, 2015, inclusive (the “Class Period”). Investors who have losses of $1 million or more are encouraged to contact the firm for more information.
Please contact Lesley Portnoy at (888) 773-9224 or (310) 201-9150, or at email@example.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Alibaba is based in Hangzhou, China, and through its subsidiaries operates as an online and mobile commerce company in the People’s Republic of China and internationally. The Complaint alleges that defendants failed to disclose that during a July 2014 meeting with China’s State Administration of Industry and Commerce (“SAIC”), just two months before Alibaba’s $25 billion initial public offering in the United States, government regulators informed Company executives of a variety of questionable and illegal business practices that the SAIC was then actively targeting and which threatened the core of Alibaba’s business.
On January 28, 2015, the SAIC issued a report alleging that many products sold on Alibaba’s e-commerce websites and services infringed upon trademarks, were substandard or fake, were banned or endangered public security. According to Reuters.com, the SAIC report summarized the July 2014 meeting between government regulators and Alibaba. Then, on January 29, 2015, Alibaba announced disappointing financial results for the fourth quarter of 2014. Following these disclosures, Alibaba American Depositary Shares dropped approximately 9% from the previous day, to close at $89.81 on January 29, 2015, on unusually high volume.
If you are a member of the Class described above, you may move the Court no later March 31, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you suffered losses of $1 million or more and wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.