According to the Complaint, Alibaba Group Holding Limited is an online and mobile commerce company. Alibaba owns a 33% equity interest in Ant Small and Micro Financial Services Group Co., Ltd. (“Ant Group”), a financial technology company that is best known for operating Alipay, one of the largest mobile and online payments platforms.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Ant Group did not meet listing qualifications or disclosure requirements for certain material matters; (2) that certain impending changes in the Fintech regulatory environment would impact Ant Group’s business; (3) that, as a result of the foregoing, Ant Group’s IPO was reasonably likely to be suspended; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On April 20, 2021, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 20-CV-09568.

On February 10, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended consolidated Complaint on April 22. Defendants filed a Motion to Dismiss the amended consolidated Complaint on July 21.

On March 22, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. All claims against one of the individual Defendants were dismissed.

Lead Plaintiff filed a Motion for Class Certification on October 6, 2023. On September 26, 2024, the Court issued an Order denying Plaintiff's Motion for Class Certification.

On October 25, 2024, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on October 28.