Class Lead Fight Heats Up In Alibaba Suit Over Halted Ant IPO
Law360 (January 27, 2021, 6:53 PM EST) -- Two of the remaining Alibaba investor groups vying for lead status criticized a third group as "assembled as makeshift by attorneys" Tuesday in their fight to represent a proposed class suing the Chinese e-commerce giant for allegedly hiding details that led to Chinese regulators stopping affiliated payment provider Ant Group's estimated $34 billion initial public offering.
Four shareholder groups filed competing motions earlier this month to lead investors and asked the judge to consolidate three lawsuits, each of which allege 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....
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