Exhibit I — Case 1:21-md-02989-CMA (Document 577-5)
Summary
Exhibit I to Document 577 in Case 1:21-md-02989-CMA (Document 577-5), entered on the FLSD docket June 16, 2023: a four-page copy of Exhibit 1 to Document 15-1 in Case 1:15-cv-00759-CM, filed March 31, 2015, a printout of a Business Wire release headed "Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Alibaba Group Holding Limited" and published January 30, 2015. The release announces a class action in the Southern District of New York for purchasers of Alibaba American Depositary Shares between October 21, 2014 and January 28, 2015. It recites allegations that Alibaba did not disclose a July 2014 meeting with China's State Administration of Industry and Commerce before an IPO in which more than 368 million ADSs sold at $68 each, and that two January 2015 price drops erased more than $11 billion in market capitalization.
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- Date
- 2023-06-16
Cite this document
“Exhibit I — Case 1:21-md-02989-CMA (Document 577-5).”
Original at archive.org, dated 2023-06-16. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-06-16-covid-era-misc-929861e1-1/
, SHA-256 929861e1859a6dce6e75e476b9e3739d68eb5d69924a9e131c10df2c160189c5.Full text
Case 1:21-md-02989-CMA Document 577-5 Entered on FLSD Docket 06/16/2023 Page 1 of 4
EXHIBIT I
Case 1:21-md-02989-CMA
Case 1:15-cv-00759-CM
Document 577-5
Document
Entered
15-1 on
Filed
FLSD
03/31/15
Docket Page
06/16/2023
1 of 3 Page 2 of 4
EXHIBIT 1
Case
3/31/2015 1:21-md-02989-CMA
Case 1:15-cv-00759-CM
Robbins Geller Document
Rudman & Document
577-5
Dowd LLP Files Entered
15-1
Class Action Suit onFiled
FLSD
Against 03/31/15
Alibaba Docket
Group 06/16/2023
Page
Holding Limited2 of 3 Page 3 of 4
MarketWatch
PRESS RELEASE
Robbins Geller Rudman & Dowd LLP
Files Class Action Suit Against
Alibaba Group Holding Limited
By
Published: Jan 30, 2015 7:36 p.m. ET
SHARE
NEW YORK, Jan 30, 2015 (BUSINESS WIRE) Robbins Geller Rudman & Dowd
LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/alibaba/) today announced
that a class action has been commenced in the United States District Court for the
Southern District of New York on behalf of purchasers of Alibaba Group Holding
Limited (“Alibaba”) (NYSE:BABA) American Depositary Shares (“ADSs”) during
the period between October 21, 2014 and January 28, 2015 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60
days from today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact plaintiff’s
counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449
4900 or 619/2311058, or via email at djr@rgrdlaw.com. If you are a member of
this class, you can view a copy of the complaint as filed or join this class action
online at http://www.rgrdlaw.com/cases/alibaba/. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class member.
The complaint charges Alibaba and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Alibaba is a Chinabased online
and mobile commerce company in retail and wholesale trade, as well as cloud
computing and other services.
The complaint alleges that during the class period, Defendants issued materially
false and misleading statements regarding the soundness of Company’s business
operations, the strength of its financial prospects and concealing substantial
ongoing regulatory scrutiny. Specifically, the complaint alleges that Alibaba failed
to disclose that Company executives had met with China’s State Administration of
Industry and Commerce (“SAIC”) in July 2014, just two months before Alibaba’s
$25+ billion initial public offering in the United States (the “IPO”), and that
regulators had then brought to Alibaba’s attention a variety of highly dubious –
even illegal – business practices. In the IPO, Alibaba and certain “selling
shareholders” sold more than 368 million ADSs at $68 each. The complaint
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Case
3/31/2015 1:21-md-02989-CMA
Case 1:15-cv-00759-CM
Robbins Geller Document
Rudman & Document
577-5
Dowd LLP Files Entered
15-1
Class Action Suit onFiled
FLSD
Against 03/31/15
Alibaba Docket
Group 06/16/2023
Page
Holding Limited3 of 3 Page 4 of 4
MarketWatch
alleges that selling shareholders included two of Alibaba’s cofounders, Jack Ma
and Joseph Tsai, each of whom sold millions of shares. The complaint also
alleges that throughout the Class Period, Alibaba’s ADSs continued trading at
everincreasing, artificially inflated prices reaching a Class Period high of $120
each in intraday trading on November 13, 2014 and that in November 2014, the
Company raised another $8 billion in a debt offering.
The complaint further alleges that on January 28, 2015, before the opening of
trading, various members of the financial media reported that SAIC had released
a white paper accusing Alibaba of engaging in the very illegal conduct disclosed
to Alibaba executives in July 2014. On this news, the complaint alleges that the
price of Alibaba ADSs declined unusually high trading volume. Then, the
complaint alleges, on January 29, 2015, before the market opened, Alibaba
issued a press release announcing its financial results for the quarter ended
December 31, 2014. The complaint alleges that revenue growth missed the target
defendants had led the investment community to expect and that profits declined
28% from Alibaba’s fourth quarter 2013 results. According to the complaint, the
Company blamed an inability to monetize growing transactions on its mobile
platforms, where advertising is less profitable than on personal computers. As a
result of these disclosures, the complaint alleges that the price of Alibaba ADSs
plummeted further and collectively the two drops erased more than $11 billion in
market capitalization from the ADSs Class Period high.
Plaintiff seeks to recover damages on behalf of all purchasers of Alibaba ADSs
during the Class Period (the “Class”). The plaintiff is represented by Robbins
Geller, which has expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international
institutional investors in contingencybased securities and corporate litigation. The
firm has obtained many of the largest securities class action recoveries in history,
including the largest securities class action judgment. Please
visit http://www.rgrdlaw.com for more information.
SOURCE: Robbins Geller Rudman & Dowd LLP
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman or David A. Rosenfeld, 8004494900
djr@rgrdlaw.com
Copyright Business Wire 2015
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- gov.uscourts.flsd.590042.577.5.pdf
- Size
- 212,014 bytes
- SHA-256
- 929861e1859a6dce6e75e476b9e3739d68eb5d69924a9e131c10df2c160189c5
- Original
- archive.org