4 days Alibaba Investor Alert: Shareholder Lawsuit Filed Reddit     

“The Complaint alleges that Alibaba owns a 33% equity interest in Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Group”), a financial technology company that announced it had begun the process of a concurrent IPO on the Shanghai and Hong Kong stock exchanges. The case alleges that Alibaba and its senior executives made misleading statements to investors and failed to disclose that: (1) Ant Group did not meet listing qualifications or disclosure requirements for certain material matters; (2) that certain impending changes in the Fintech regulatory environment would impact Ant Group’s business; and (3) that, as a result of the foregoing, Ant Group’s IPO was reasonably likely to be suspended. When the IPO was suspended on November 3, 2020 Alibaba’s stock price fell 8%, allegedly harming investors.”


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