NEW YORK, NY / ACCESSWIRE / May 27, 2016 / Pomerantz LLP is investigating claims on behalf of investors of Alibaba Group Holdings Limited ("Alibaba") (NYSE: BABA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
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The investigation concerns whether Alibaba and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 24, 2016, post-market, Alibaba filed an Annual Report on Form 20-F with the U.S. Securities and Exchange Commission ("SEC") announcing the Company's financial and operating results for fiscal year 2016. In its Annual Report, Alibaba disclosed that the SEC had requested information relating to "consolidation policies and practices (including [the Company's] accounting for Cainiao Network as an equity method investee") and "policies and practices applicable to related party transactions in general, and [the Company's] reporting of operating data from Singles Day" (a popular online shopping holiday in China).
On this news, Alibaba stock has fallen as much as $4.24, or 5.23%, to $76.88 during intraday trading on May 25, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP