Levi & Korsinsky, LLP announces that a BABA class action lawsuit has been commenced on behalf of investors who purchased Alibaba Group Holding Limited (BABA) securities between July 20, 2020 and November 3, 2020. For more on the Alibaba Class Action please contact us today.
According to the Alibaba lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Group”), a financial technology company in which Alibaba owns a 33% equity interest, did not meet listing qualifications or disclosure requirements for certain material matters; (2) certain impending changes in the Fintech regulatory environment would impact Ant Group’s business; (3) as a result of the foregoing, Ant Group’s initial public offering was reasonably likely to be suspended; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you suffered a loss in Alibaba you have until January 12, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as a lead plaintiff.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171