Alibaba Agrees to $433.5 Million Settlement in Shareholder Lawsuit Over Misleading Exclusivity Claims
Hangzhou, China – Alibaba Group, the Chinese e-commerce giant, has agreed to pay $433.5 million to settle a class-action lawsuit brought by its shareholders in the United States. The suit accused Alibaba of issuing misleading statements concerning its business practices and alleged exclusivity agreements. Shareholders filed the lawsuit in March 2023 within the U.S. District Court for the Southern District of New York. The primary allegations centered around the claim that Alibaba misled investors about its competitive practices, resulting in potential advantages that artificially inflated stock prices. This purported inflation led to significant losses when … Read more