Glancy Prongay & Murray LLP Secures Record-Setting $433.5 Million Recovery in Alibaba Investor Lawsuit

The Settlement Is one of the Top 50 Securities Class Action Recoveries in U.S. History

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray has secured final approval of an historic $433.5 million settlement in the Alibaba Group Holding Limited securities class action. The settlement resolves investors’ claims that Alibaba (NYSE: BABA) violated the Securities Exchange Act of 1934 by allegedly misrepresenting its regulatory compliance and its use of monopolistic business practices during the period November 13, 2019 through December 23, 2020.

The settlement is the largest securities class action settlement ever attained against a Chinese issuer and ranks among the fifty largest U.S. securities class action settlements of all time, as tracked by Institutional Shareholder Services (ISS).

Led by firm Partners Kara Wolke and Melissa Wright, Glancy Prongay & Murray served as sole Lead Counsel and litigated the case vigorously for over four years to secure this excellent result on behalf of the class.

In re: Alibaba Group Holding Ltd. Securities Litigation, No. 1:20-cv-09568 (S.D.N.Y.)