Yahoo Execs Clammed Up On Alibaba Blunder: Suit

Law360, New York (July 5, 2011, 5:58 PM EDT) -- Yahoo Inc.'s current and former CEOs knew the web portal's $1 billion investment in Chinese e-commerce giant Alibaba Group Holdings Ltd. was impaired but didn't tell shareholders for six months, an investor alleged Friday in a derivative lawsuit in California.

Plaintiff Debra Salzman's suit names current CEO Carol Bartz and former CEO Jerry Yang, co-founder of Santa Clara, Calif.-based Yahoo, as defendants and seeks damages for breach of fiduciary duty and waste of corporate assets.

The suit comes after Alibaba Group Chairman Jack Ma transferred the...
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Case Information

Case Title

Salzman v. Bartz et al


Case Number

5:11-cv-03269

Court

California Northern

Nature of Suit

Securities/Commodities

Judge

Paul Singh Grewal

Date Filed

July 1, 2011

Companies

UK Financial Services

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