Alert: Join The Class Action Lawsuit Against Alibaba Group Holding Ltd.
Beijing Shengyun Law Firm ask all persons or entities who purchased Alibaba securities between September 22, 2014 and January 27, 2015 to join the class action against Alibaba Group Holding Ltd. ("Alibaba" )
On January 30, 2015, Robbins Geller Rudman & Dowd LLP filed class action suit against Alibaba and certain of its officers, including Chairman Jack Ma, Vice Chairman Cai Xinrong, CEO Lu Zhaoxi, CFO Wuwei. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased Alibaba securities between September 22, 2014 and January 27, 2015.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Act"). Sections 10(b) and 10(b)5 of the Act prohibit the use of any "device, scheme, or artifice to defraud," and creates liability for any misstatement or omission of a material fact that may mislead investors to buy or sell their securities. According to 20(a) of the Act, every person who, directly or indirectly, controls Alibaba may also be liable jointly and severally with and to the same extent as Alibaba to any person to whom Alibaba is liable.
In order to protect the interests of Chinese investors who may have purchased securities from Alibaba, International Business Department of Beijing Shenyun Law Firm has established an Anti Securities Fraud Team to support Chinese investors to join in this class action.
