Alibaba Group Agrees to $433.5 Million Settlement in Shareholder Class Action Suit

Dow Jones10-26

By Connor Hart

China's Alibaba Group has agreed to pay $433.5 million to settle a class action lawsuit waged by shareholders.

The e-commerce platform, which denied any allegations of fault, liability, wrongdoing or damages, said in a regulatory filing Friday it entered the settlement to avoid the cost and disruption of further litigation.

The class action, filed in March 2023 in U.S. District Court in the Southern District of New York, alleged that Alibaba violated federal securities laws by making numerous misstatements about its antitrust and exclusivity practices that artificially raised its stock price and eventually caused financial loss to investors.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 25, 2024 18:13 ET (22:13 GMT)

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Connor Hart \n\n\n \n\n\n  China's Alibaba Group has agreed to pay $433.5 million to settle a class action lawsuit waged by shareholders. \n\n\n  The e-commerce platform, which denied any allegations of fault, liability, wrongdoing or damages, said in a regulatory filing Friday it entered the settlement to avoid the cost and disruption of further litigation. \n\n\n  The class action, filed in March 2023 in U.S. District Court in the Southern District of New York, alleged that Alibaba violated federal securities laws by making numerous misstatements about its antitrust and exclusivity practices that artificially raised its stock price and eventually caused financial loss to investors. \n\n\n \n\n\n  Write to Connor Hart at connor.hart@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 25, 2024 18:13 ET (22:13 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, 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