On April 29, according to foreign media reports, Alibaba group reached a settlement on the class action of US federal securities in January 2015, with a settlement fee of US $250 million, about RMB 1.68 billion.
How does Ali settle the class action
On September 19, 2014, Ali was officially listed on the New York Stock Exchange. Just three months later, on January 31, 2015, Ali, Ma Yun, Cai Chongxin, Lu Zhaoxi and Wu Wei, four senior executives, suffered a class action in the United States.
The reason is that the former State Administration for Industry and Commerce published a white paper on administrative guidance to Alibaba Group on January 28, 2015, which disclosed a forum on administrative guidance held in Zhejiang Provincial Administration for Industry and Commerce on July 16, 2014. Ali's main responsible personnel and management teams of core departments attended the meeting and received administrative guidance.
However, in order not to affect the listing of Alibaba, this is an internal meeting, and Alibaba has not disclosed the relevant information in the prospectus.
As for the settlement, both sides of alibi European style have reached an agreement on the lawsuit, which is based on cases that have nothing to do with the accuracy of information disclosure and management transparency of alibi. Ali settlement class action
Ali said that when the facts are clear, it is meaningless to spend a lot of time and energy on a meeting minutes without any legal effect. Such a long lawsuit is not conducive to protecting the interests of shareholders, nor does it help Ali focus on creating more value for society.
Ali stressed that the fact is so simple, but the cause deserves everyone's deep thinking. It is the Chinese enterprises that are struggling, and it is the enterprise confidence and national image that are harmed.