Alibaba Group Holding Ltd. and two of its top executives were hit with a proposed class action in federal court in New York Friday by an investor who accuses them of making materially false or misleading statements in connection with the initial public offering of a company in which Alibaba acquired a 33% interest.
Laura Ciccarello sued Alibaba, CEO Daniel Zhang, and CFO Maggie Wu after an expected $34.5 billion IPO was suspended for affiliate Ant Small and Micro Financial Services Group Co. Ltd., another Chinese tech giant best known for operating the payment platform Alipay. The suspension of the ...
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