FashionLaw

Alibaba Settles Shareholder Lawsuit for $433.5 Million Amid Monopoly Claims

Alibaba Group has agreed to pay $433,500,000 million to settle a class-action lawsuit filed by shareholders who accused the company of engaging in monopolistic practices.

Published: Nov 22, 2024 11:01 AM

By Jeanel Alvarado

FashionLaw

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Alibaba Settles Shareholder Lawsuit for $433.5 Million Amid Monopoly Claims

Alibaba Group has agreed to pay $433,500,000 million to settle a class-action lawsuit filed by shareholders who accused the company of engaging in monopolistic practices. The settlement, which denies any wrongdoing by Alibaba, aims to resolve claims that misleading statements inflated stock prices, leading to significant investor losses.

RB Insights Alibaba will pay $433.5 million to settle a U.S. class-action lawsuit. The lawsuit alleged monopolistic practices and misleading statements by Alibaba. The settlement requires approval from U.S. District Judge George Daniels.

It covers investors who held Alibaba’s American depositary shares from November 2019 to December 2020. Background of the Lawsuit The lawsuit was initiated in March 2023 in the U.S. District Court for the Southern District of New York.

Shareholders claimed that Alibaba misrepresented its exclusivity practices, which pressured merchants to sell only on its platforms, violating prior agreements with Chinese regulators. This led to inflated stock prices and subsequent financial losses when the truth emerged.

Settlement Details The proposed settlement is one of the largest securities class-action payouts in the U.S. since 1995. It addresses explicitly claims from investors who purchased Alibaba’s American depositary shares between November 13, 2019, and December 23, 2020…

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Alibaba Settles Shareholder Lawsuit for $433.5 Million Amid Monopoly Claims

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