NEW YORK, Feb. 4, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A., a global investor rights firm, announced that it has filed a class action lawsuit on behalf of investors who purchased American Depository Shares of Alibaba Group Holding Limited (NYSE:BABA) between October 21, 2014 and January 28, 2015. The lawsuit seeks to recover investors' losses by asserting claims under the federal securities laws.
To join the Alibaba class action, visit the firm's website at http://www.rosenlegal.com/cases-492.html, or contact Phillip Kim, Esq. toll-free at 866-767-3653 or via email at pkim@rosenlegal.com for information on the class action. The case is pending the U.S. District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, the Company and certain of its officers and directors made false and/or misleading statements and/or failed to disclose that: (i) the Company executives met with China's State Administration of Industry and Commerce ("SAIC") just two months prior to the Company's initial public offering; and (ii) the SAIC had then informed Defendants that it was actively cracking down on a variety of highly suspicious and illegal business practices, which threatened the core of Alibaba's business. The suit claims that when the truth was revealed, it caused the price of the Company's shares to drop, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than March 31, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to http://www.rosenlegal.com/cases-492.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.