NEW YORK, Jan. 29, 2015 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Alibaba Group Holding Limited ("Alibaba" or the "Company") (NYSE: BABA -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at [email protected] or 212-697-6484.
The investigation concerns whether Alibaba and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A report issued January 28, 2015 by China's State Administration for Industry and Commerce (SAIC) alleges that the Company "has long paid insufficient attention to the illegal business activities on Alibaba platforms." The SAIC − a government regulatory agency that operates in a supervisory role over online trading platforms and business in China − alleges that many products sold on Alibaba's e-commerce websites and services infringed upon trademarks, were substandard or fake, were banned or endangered public security. According to Reuters.com, the SAIC report summarized a July 16, 2014 meeting between Chinese government business regulators and Alibaba.
On this news, shares of Alibaba fell $8.64, or 8.78%, to close at $89.81 on January 29, 2015
If you are aware of any facts relating to this investigation, or purchased shares of Alibaba, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC