Alibaba Group Holding Limited Investors: Last Days to Participate Actively in the Class Action Lawsuit; Portnoy Law Firm




  • In Business
  • 2020-12-24 17:59:00Z
  • By GlobeNewswire
 

Investors with losses are encouraged to contact the firm before January 12, 2021; click here to submit trade information

LOS ANGELES, Dec. 24, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Alibaba Group Holding Limited (NYSE: BABA) investors that acquired shares between July 20, 2020 and November 3, 2020. Investors have until January 12, 2021 to seek an active role in this litigation.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

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.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2021.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from 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

Attorney Advertising



COMMENTS

More Related News

First Mover: Ethereum Steals Limelight With New All-Time High Price as Bitcoiners HODL
First Mover: Ethereum Steals Limelight With New All-Time High Price as Bitcoiners HODL

Crypto traders shift focus to ether as second-largest cryptocurrency surges to new record price, but bitcoiners aren't going anywhere.

TikTok owner ByteDance launches Douyin Pay, its mobile payment service for China
TikTok owner ByteDance launches Douyin Pay, its mobile payment service for China
  • US
  • 2021-01-19 10:35:54Z

Beijing-based ByteDance recently launched its third-party payment service for the Chinese version of its hit short video app TikTok, "Douyin Pay", as it...

Asia shares look to China for recovery lead, earnings in focus
Asia shares look to China for recovery lead, earnings in focus

Asian shares climbed on Tuesday as investors wagered China's economic strength would help underpin growth in the region, even as pandemic lockdowns...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business