BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Alibaba Group Holding Limited (“Alibaba” or the “Company”) (NYSE:BABA) concerning possible violations of federal securities laws. Investors who have losses of $1 million or more are encouraged to contact the firm for more information.
Alibaba Group is based in Hangzhou, China, and through its subsidiaries operates as an online and mobile commerce company in the People’s Republic of China and internationally. A report issued January 28, 2015 by China’s State Administration for Industry and Commerce (SAIC) alleges that the Company “has long paid insufficient attention to the illegal business activities on Alibaba platforms.” The SAIC − a government regulatory agency that operates in a supervisory role over online trading platforms and business in China − alleges that many products sold on Alibaba’s e-commerce websites and services infringed upon trademarks, were substandard or fake, were banned or endangered public security. According to Reuters.com, the SAIC report summarized a July 16, 2014 meeting between Chinese government business regulators and Alibaba. Following this news, in intraday trading on January 29, 2015, Alibaba shares dropped more than 8% below the previous closing price.
If you purchased Alibaba shares and suffered losses of $1 million or more and would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.