Alibaba Group Holding Ltd. on Friday announced that it will pay $433.5 million to settle a securities fraud class action in Manhattan federal court.
The accord resolves a consolidated case from shareholders who allege the Chinese e-commerce conglomerate misled investors about its monopolistic practices as well as the collapse of Ant Group Co.'s initial public offering, a fintech company in which Alibaba had substantial equity.
The all-cash payment is one of the 50 largest securities class actions settlements in the US since the Private Securities Litigation Reform Act of 1995 was passed, according to settlement memo filed by the shareholders ...
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