LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Alibaba Group Holding Limited (“Alibaba” or “the Company”) (NYSE: BABA) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between October 21, 2020 and November 3, 2020, inclusive (the “Class Period”), are encouraged to contact the firm before January 12, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Alibaba held a 33% ownership stake in Ant Small and Micro Financial Services Group Co., Ltd. ("Ant Group"), which planned an initial public offering (“IPO”) for October 2020. Alibaba failed to disclose that Ant Group did not meeting the qualifications for listing. Upcoming changes to Fintech regulations would seriously impact Ant Group. Ant Group’s IPO was likely to be suspended. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Alibaba, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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