Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action against Alibaba Group Holding Ltd and Lead Plaintiff Deadline of March 31, 2015
NEW YORK, March 11, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Alibaba Group Holding Ltd. ("Alibaba" or the "Company") (NYSE: BABA), during the period between October 21, 2014 and January 28, 2015, inclusive (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the soundness of the Company's business operations, the strength of its financial prospects, and ongoing regulatory scrutiny
A report issued January 28, 2015 by China's State Administration for Industry and Commerce (SAIC) alleges that the Company "has long paid insufficient attention to the illegal business activities on Alibaba platforms." The SAIC − a government regulatory agency that operates in a supervisory role over online trading platforms and business in China − alleges that many products sold on Alibaba's e-commerce websites and services infringed upon trademarks, were substandard or fake, were banned or endangered public security. According to Reuters.com, the SAIC report summarized a July 16, 2014 meeting between Chinese government business regulators and Alibaba.
On this news, shares of Alibaba fell $8.64, or 8.78%, to close at $89.81 on January 29, 2015
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Alibaba during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Alibaba you have until March 31, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
[email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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