LOS ANGELES, Nov. 03, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Alibaba Group Holding Ltd ("Alibaba" or the "Company") (NYSE: BABA) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors concerning Ant Group. Ant Group, the Hangzhou-based company, a 2010 offshoot of e-commerce giant Alibaba, dominates China’s payments market via the Alipay app. It also runs the giant Yu’ebao money market fund and two of the country’s largest consumer lending platforms. Other businesses include a credit scoring unit and an insurance marketplace.
On or about 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 sharply during intraday trading on November 3, 2020.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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