Alibaba Investors Seek Lead In Suits Over Ant's Halted IPO

Law360 (January 13, 2021, 5:04 PM EST) -- Alibaba investors competing to lead a proposed class in three suits against the Chinese e-commerce giant urged a New York federal judge Tuesday to consolidate the actions, which accuse the company of hiding details that led to regulators in China stopping affiliated payment provider Ant Group's estimated $34 billion initial public offering.

Each of the three suits alleges that Alibaba Group Holding Ltd., CEO Daniel Zhang and Chief Financial Officer Maggie Wu hid that Ant didn't meet listing qualifications or disclosure requirements for certain matters.

Investors say they were also kept in the dark that some impending changes in the financial technology...

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