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The Law Offices of Frank R. Cruz Announces Investigation of Alibaba Group Holding Limited (BABA) on Behalf of Investors

·2 min read

The Law Offices of Frank R. Cruz announces an investigation of Alibaba Group Holding Limited ("Alibaba" or the "Company") (NYSE: BABA) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

Alibaba owns a 33% equity interest in Ant Small and Micro Financial Services Group Co., Ltd. ("Ant Group"), an online microlending company that operates Alipay, one of the largest mobile and online payments platforms.

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, the Company’s share price fell sharply during intraday trading on November 3, 2020.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Alibaba securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201103005797/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com