2nd Circ. Revives Alibaba Securities Class Action Over IPO

By Ed Beeson (December 5, 2017, 6:36 PM EST) -- The Second Circuit on Tuesday reinstated a putative securities class action against Alibaba Group Holding Ltd. and several executives after finding that a lower court judge improperly dismissed the suit tied to the company's $25 billion initial public offering.

In a summary order, the New York federal appeals court vacated U.S. District Court Judge Colleen McMahon's decision to dismiss the potentially multibillion-dollar claim against Alibaba and remanded the case for further proceedings.

In particular, the appeals court faulted Judge McMahon for discrediting news reports about an allegedly secret meeting between China's powerful commerce regulator and the e-commerce giant, at which the...

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