{"id":381205,"date":"2020-11-13T19:19:07","date_gmt":"2020-11-14T00:19:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=381205"},"modified":"2020-11-13T19:19:07","modified_gmt":"2020-11-14T00:19:07","slug":"baba-class-action-notice-the-law-offices-of-frank-r-cruz-files-securities-fraud-lawsuit-against-alibaba-group-holding-limited","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/baba-class-action-notice-the-law-offices-of-frank-r-cruz-files-securities-fraud-lawsuit-against-alibaba-group-holding-limited\/","title":{"rendered":"BABA CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Alibaba Group Holding Limited"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>BABA CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Alibaba Group Holding Limited<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;esheet=52327546&amp;newsitemid=20201113005724&amp;lan=en-US&amp;anchor=The+Law+Offices+of+Frank+R.+Cruz&amp;index=1&amp;md5=bfabdfcdf2ae7adeb97aa4673f31d6d7\">The Law Offices of Frank R. Cruz<\/a> announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned <i>Ciccarello v. Alibaba Group Holding Limited, et al.,<\/i> (Case No. 1:20-cv-09568) on<i \/>behalf of persons and entities that purchased or otherwise acquired Alibaba Group Holding Limited (\u201cAlibaba\u201d or the \u201cCompany\u201d) (NYSE: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FBABA&amp;esheet=52327546&amp;newsitemid=20201113005724&amp;lan=en-US&amp;anchor=BABA&amp;index=2&amp;md5=313222125667478c067454fd444fb5f4\">BABA<\/a>) securities between <b>October 21, 2020 and November 3, 2020<\/b>, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d).\n<\/p>\n<p>\nIf you are a shareholder who suffered a loss, click <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Falibaba-group-holding-limited%2F&amp;esheet=52327546&amp;newsitemid=20201113005724&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=89cf8b192890027b9868dc400e1873cc\">here<\/a> to participate.\n<\/p>\n<p>\nAlibaba is an online and mobile commerce company. Alibaba owns a 33% equity interest in Ant Small and Micro Financial Services Group Co., Ltd. (\u201cAnt Group\u201d), a financial technology company that is best known for operating Alipay, one of the largest mobile and online payments platforms.\n<\/p>\n<p>\nOn July 20, 2020, Ant Group announced that it had begun the process of a concurrent initial public offering (\u201cIPO\u201d) on the Shanghai and Hong Kong stock exchanges.\n<\/p>\n<p>\nOn October 26, 2020, Ant Group priced its IPO and was set to raise $34.5 billion, making it the largest public offering in history.\n<\/p>\n<p>\nOn November 2, 2020, Financial Times reported that Chinese regulators had met with Ant Group\u2019s controller Jack Ma, executive chairman Eric Jing, Chief Executive Officer Simon Hu. The article stated that, though regulators did not provide details, \u201cthe Chinese word used to describe the interview \u2013 yuetan \u2013 generally indicates a dressing down by authorities.\u201d The article also included a statement from Ant Group that it will \u201cimplement the meeting opinions in depth.\u201d\n<\/p>\n<p>\nOn November 3, 2020, the IPO was suspended because Ant Group \u201cmay not meet listing qualifications or disclosure requirements due to material matters\u201d related to the meeting with regulators the previous day and \u201cthe recent changes in the Fintech regulatory environment.\u201d\n<\/p>\n<p>\nOn this news, the Company\u2019s share price fell $25.27, or 8%, to close at $285.57 per share on November 3, 2020, on unusually heavy trading volume.\n<\/p>\n<p>\nThe complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Ant Group did not meet listing qualifications or disclosure requirements for certain material matters; (2) that certain impending changes in the Fintech regulatory environment would impact Ant Group\u2019s business; (3) that, as a result of the foregoing, Ant Group\u2019s IPO was reasonably likely to be suspended; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n<p>\nFollow us for updates on Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;esheet=52327546&amp;newsitemid=20201113005724&amp;lan=en-US&amp;anchor=twitter.com%2FFRC_LAW&amp;index=4&amp;md5=639eccffdd933e4a14f2056adc575f4b\">twitter.com\/FRC_LAW<\/a>.\n<\/p>\n<p>\nIf you purchased Alibaba securities during the Class Period, you may move the Court no later than <b>60 days from the date of this notice <\/b>to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Mesoblast securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to <a rel=\"nofollow\" href=\"mailto:info@frankcruzlaw.com\">info@frankcruzlaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52327546&amp;newsitemid=20201113005724&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=5&amp;md5=c18afa36127b145c7493637cde2ae6cc\">www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201113005724r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201113005724\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201113005724\/en\/<\/a><\/span><\/p>\n<p>\nThe Law Offices of Frank R. Cruz, Los Angeles<br \/>\n<br \/>Frank R. Cruz, 310-914-5007<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:fcruz@frankcruzlaw.com\">fcruz@frankcruzlaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52327546&amp;newsitemid=20201113005724&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=6&amp;md5=56eb061473b48022495933fa006876aa\">www.frankcruzlaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201113005724\/en\/765953\/3\/Close_Up_Logo_HD_Blue.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>BABA CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Alibaba Group Holding Limited LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Ciccarello v. Alibaba Group Holding Limited, et al., (Case No. 1:20-cv-09568) onbehalf of persons and entities that purchased or otherwise acquired Alibaba Group Holding Limited (\u201cAlibaba\u201d or the \u201cCompany\u201d) (NYSE: BABA) securities between October 21, 2020 and November 3, 2020, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). If you are a shareholder who &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/baba-class-action-notice-the-law-offices-of-frank-r-cruz-files-securities-fraud-lawsuit-against-alibaba-group-holding-limited\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;BABA CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Alibaba Group Holding Limited&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-381205","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BABA CLASS ACTION NOTICE: The Law Offices of Frank R. 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Cruz announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Ciccarello v. Alibaba Group Holding Limited, et al., (Case No. 1:20-cv-09568) onbehalf of persons and entities that purchased or otherwise acquired Alibaba Group Holding Limited (\u201cAlibaba\u201d or the \u201cCompany\u201d) (NYSE: BABA) securities between October 21, 2020 and November 3, 2020, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). If you are a shareholder who &hellip; Continue reading &quot;BABA CLASS ACTION NOTICE: The Law Offices of Frank R. 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