SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Alibaba Group Holdings Limited - BABA
NEW YORK, Jan. 29, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Alibaba Group Holdings Limited ("Alibaba") (NYSE: BABA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Alibaba and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On January 28, 2015, an article published by Bloomberg News states that a scathing report by the State Administration for Industry & Commerce accused Alibaba of allowing merchants to operate without required business licenses, to run unauthorized stores that co-opt famous brands and to sell fake wine and handbags. Alibaba employees took bribes, and the e-commerce giant didn't fix flaws in customer feedback or internal credit-scoring systems, the report said.
"For a long time, Alibaba hasn't paid enough attention to the illegal operations on its platforms, and hasn't effectively addressed the issues," the government agency said. "Alibaba not only faces the biggest credibility crisis since its establishment, it also casts a bad influence for other Internet operators trying to operate legally."
On this news, shares of Alibaba fell $9.14 per share to $89.31, or more than 9.28%, in intraday trading on January 29, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP
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