Boston, Massachusetts – (Newsfile Corp. – November 22, 2020) – Thornton law firm announces that a class action action has been filed on behalf of the investors of Alibaba Group Holdings Limited (NYSE: BABA). Investors who purchased BABA shares or other securities between October 21, 2020 and November 3, 2020 can contact Thornton Law Firm to obtain a copy of the complaint or to discuss the lead plaintiff’s procedure. Interested investors are encouraged to visit: www.tenlaw.com/cases/Alibaba. Investors can email [email protected] or call 617-531-3917. Investors interested in Alibaba have until January 12, 2021 to apply to become a major player.
FOR MORE INFORMATION: www.tenlaw.com/cases/Alibaba
The complaint alleges that Alibaba owns a 33% stake in Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Group”), a financial technology company that announced it has initiated the process of a simultaneous IPO on Shanghai and Hong Kong Stock Exchanges. The case alleges that Alibaba and its senior executives made misleading statements to investors and did not disclose that: (1) Ant Group did not meet listing requirements or disclosure requirements for certain material matters; (2) that some upcoming changes in the Fintech regulatory environment would impact Ant Group’s business; and (3) that, as a result of the foregoing, it was reasonably probable that Ant Group’s IPO would be suspended. When the IPO was suspended on November 3, 2020, Alibaba’s share price fell 8%, presumably hurting investors.
FOR MORE INFORMATION, VISIT: www.tenlaw.com/cases/Alibaba
The lawsuit alleges violations of federal securities laws. The Private Securities Litigation Reform Act of 1995 allows any investor who purchased the securities in question during the class period to seek nomination as a lead actor. A principal plaintiff acts on behalf of all other members of the investor class in handling the class action and may select a law firm of his choice to take legal action. The lead role does not affect an investor’s share in a potential recovery. Investors don’t have to be a major player to be a member of the class. If investors choose not to take any action, they may remain an absent class member. Investors interested in Alibaba have until January 12, 2021 to apply to become a major player. The class has not yet been certified. Until certification, investors are not represented by a lawyer.
Attorneys at the Thornton Law Firm have extensive experience in representing investors in recovering damages caused by violations of securities laws. His lawyers have established a track record of securities disputes in courts across the country and recovering losses on behalf of investors. This can be considered advertising for attorneys in some jurisdictions. Previous results do not guarantee or predict a similar outcome with respect to any future matter.
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