BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith continues its investigation on behalf of Alibaba Group Holding Limited ("Alibaba" or the "Company") (NYSE: BABA) investors concerning the Company and its officers’ possible violations of federal securities laws.
Alibaba owns a 33% equity interest in Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Group”), an online microlending company that operates Alipay, one of the largest mobile and online payments platforms.
On October 26, 2020, Ant Group priced its initial public offering (“IPO”) to list its shares on the Shanghai and Hong Kong stock exchanges. The IPO was set to raise $34.5 billion.
On November 3, 2020, Ant Group’s IPO was suspended following a meeting between its controller Jack Ma, executive chairman Eric Jing, Chief Executive Officer Simon Hu and regulatory authorities in China. According to the Shanghai Stock Exchange, Ant Group had “reported significant issues such as the changes in financial technology regulatory environment,” which “may result in [the] company not meeting the conditions for listing or meeting the information disclosure requirements.”
On this news, Alibaba’s share price fell $25.27, or 8% to close at $285.57 per share on November 3, 2020, thereby injuring investors.
If you purchased Alibaba securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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