Alibaba Group's $75M Investor Settlement Gets First OK
Law360 (January 11, 2019, 7:13 PM EST) -- Alibaba Group received preliminary approval in California state court Friday for a $75 million settlement that will resolve investors’ claims over allegedly false statements and omissions made in regulatory filings for the Chinese e-commerce company’s September 2014 initial public offering.
Without admitting or denying the allegations, Alibaba agreed last month to pay the amount to purchasers of American Depository Shares issued in connection with its $368 million IPO, which investors claimed was prefaced by a registration statement that failed to mention a meeting its executives had with Chinese regulators in July 2014.
During that meeting, the regulators allegedly informed Alibaba that a...
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