Alibaba Investors Win Lead Plaintiff for Ant Group IPO Dispute

Alibaba Group Holding Ltd. investors who say it misled them about a shelved public offering of Ant Group, in which it had a 33% interest, secured a lead plaintiff for their suit in federal court in New York Thursday.

Investors accuse the Chinese online retail giant of not telling them that Ant Group’s planned IPO wasn’t likely to go forward. Individual investor Salem Gharsalli will take the lead in litigating the securities suit for the would-be class, the U.S. District Court for the Southern District of New York said.

Gharsalli alleged more than $2.9 million in losses, more than ...