{"id":408765,"date":"2021-01-05T11:03:26","date_gmt":"2021-01-05T16:03:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=408765"},"modified":"2021-01-05T11:03:26","modified_gmt":"2021-01-05T16:03:26","slug":"the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-alibaba-group-holding-limited-baba-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-alibaba-group-holding-limited-baba-2\/","title":{"rendered":"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Alibaba Group Holding Limited (BABA)"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n LOS ANGELES<\/span>, Jan. 5, 2021<\/span> \/PRNewswire\/ — The Law Offices of Frank R. Cruz<\/span><\/a> reminds investors of the upcoming\u00a0January 12, 2021<\/span><\/b>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Alibaba Group Holding Limited (“Alibaba” or the “Company”) (NYSE: BABA<\/a>) securities between July 20, 2020<\/span> and November 3, 2020<\/span><\/b> inclusive (the “Class Period”).<\/p>\n

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\n \"(PRNewsfoto\/The
\n <\/a>\n <\/p>\n<\/p><\/div>\n

If you are a shareholder who suffered a loss, click\u00a0here<\/a>\u00a0to participate.<\/p>\n

On July 20, 2020<\/span>, Ant Group announced that it had begun the process of a concurrent initial public offering (“IPO”) on the Shanghai<\/span> and Hong Kong<\/span> stock exchanges.<\/p>\n

On October 26, 2020<\/span>, Ant Group priced its IPO and was set to raise $34.5 billion<\/span>, making it the largest public offering in history.<\/p>\n

On November 2, 2020<\/span>, Financial Times reported that Chinese regulators had met with Ant Group’s controller Jack Ma<\/span>, executive chairman Eric Jing<\/span>, Chief Executive Officer Simon Hu<\/span>. The article stated that, though regulators did not provide details, “the Chinese word used to describe the interview \u2013 yuetan \u2013 generally indicates a dressing down by authorities.” The article also included a statement from Ant Group that it will “implement the meeting opinions in depth.”<\/p>\n

On November 3, 2020<\/span>, the IPO was suspended because Ant Group “may not meet listing qualifications or disclosure requirements due to material matters” related to the meeting with regulators the previous day and “the recent changes in the Fintech regulatory environment.”<\/p>\n

On this news, the Company’s share price fell $25.27<\/span>, or 8%, to close at $285.57<\/span> per share on November 3, 2020<\/span>, on unusually heavy trading volume.<\/p>\n

The 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’s 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’s business; (3) that, as a result of the foregoing, Ant Group’s IPO was reasonably likely to be suspended; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

Follow us for updates on Twitter: twitter.com\/FRC_LAW<\/a>.<\/p>\n

If you purchased or otherwise acquired Alibaba securities during the Class Period, you may move the Court no later than\u00a0January 12, 2021<\/span><\/b>to request appointment as lead plaintiff in this putative class action lawsuit. \u00a0To be a member of the class action 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 action. \u00a0If you wish to\u00a0learn more\u00a0about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz<\/span>, of The Law Offices of Frank R. Cruz<\/span>, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California<\/span> 90067 at 310-914-5007, by email to info@frankcruzlaw.com<\/a>, or visit our website at www.frankcruzlaw.com<\/a>.\u00a0 If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. <\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-alibaba-group-holding-limited-baba-301200835.html<\/a><\/p>\n

SOURCE The Law Offices of Frank R. Cruz<\/span>, Los Angeles<\/span><\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire LOS ANGELES, Jan. 5, 2021 \/PRNewswire\/ — The Law Offices of Frank R. Cruz reminds investors of the upcoming\u00a0January 12, 2021deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Alibaba Group Holding Limited (“Alibaba” or the “Company”) (NYSE: BABA) securities between July 20, 2020 and November 3, 2020 inclusive (the “Class Period”). If you are a shareholder who suffered a loss, click\u00a0here\u00a0to participate. On July 20, 2020, Ant Group announced that it had begun the process of a concurrent initial public offering (“IPO”) on the Shanghai and Hong Kong stock exchanges. On October 26, 2020, Ant Group priced its IPO and was set to raise $34.5 … <\/p>\n

Continue reading “The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Alibaba Group Holding Limited (BABA)”<\/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-408765","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Law Offices of Frank R. 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