Alibaba agrees to a settlement of 3 billion yuan! But denies any accusations
cy怒放的生命
发表于 2024-10-27 11:05:26
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Alibaba reaches settlement agreement on US shareholder class action lawsuit, agrees to pay $433.5 million, but denies any allegations
China Fund News reporter with seal
Alibaba, settle!
Alibaba Group stated in a document submitted to the US Securities and Exchange Commission on October 25th local time that it agreed to pay $433.5 million (approximately RMB 3.087 billion) to settle a shareholder class action lawsuit. At the same time, Alibaba denies any allegations of negligence, liability, misconduct, or damage.
Alibaba agrees to settle with investors
[align center] will pay $433.5 million to settle class action lawsuit
According to multiple foreign media reports, on October 25th local time in the United States, Alibaba Group announced that it has reached a settlement agreement with some current and former executives and directors to resolve shareholder class action lawsuits previously disclosed in public archives.
According to the settlement agreement, Alibaba has agreed to pay $433.5 million (approximately RMB 3.08 billion) to settle the aforementioned lawsuit.
According to public information, between November 2020 and January 2021, some American investors filed a class action lawsuit against Alibaba in the Southern District Court of New York.
The lawsuit accuses Alibaba of monopolistic behavior, but Alibaba denies any wrongdoing and emphasizes that the settlement is only to avoid the costs and interference of further litigation. This proposed settlement agreement has been submitted to the Manhattan Federal Court and requires approval from U.S. District Judge George Daniels.
The settlement agreement covers investors who held Alibaba US stocks from November 13, 2019 to December 23, 2020.
The plaintiff's lawyer stated in court documents that the proposed agreement is an "extraordinary achievement" that far exceeds the average compensation amount in securities class action cases where investors have suffered losses exceeding $10 billion. The lawyer emphasized that if the lawsuit continues, Alibaba investors may receive up to $11.63 billion (approximately RMB 82.881 billion) in compensation.
Foreign media pointed out that for the defendant, in order to avoid lengthy litigation involving the company's time and energy, better focus on developing business, and protect the interests of investors, it is often the main reason for settling class action lawsuits. For similar considerations, the vast majority of defendants in class action lawsuits in the United States will pay settlement fees to end the litigation. Many Chinese concept companies listed in the United States, including Pinduoduo, JD.com, Baidu, etc., have encountered or are currently facing class action lawsuits from overseas shareholders.
As of the close of October 25th Eastern Time, Alibaba's stock price was $97.42 per share, up 1.10%, with a market value of $233.3 billion (approximately RMB 166 trillion).
has completed three-year rectification
On August 30th of this year, according to the State Administration for Market Regulation, Alibaba Group has been supervised to complete a three-year rectification, and Alibaba has completely stopped its "two choice one" monopoly behavior, achieving good results in compliance rectification work.
The report stated that in the past three years, the State Administration for Market Regulation has strengthened its supervision of Alibaba Group's compliance rectification, conducted in-depth inspections of the implementation of rectification, and commissioned third-party institutions to conduct law enforcement effectiveness evaluations. From the perspective of verification and evaluation, Alibaba Group has comprehensively stopped the "two choice one" monopoly behavior in accordance with the requirements of the "Administrative Penalty Decision" and "Administrative Guidance", strictly regulated its own business behavior, conscientiously implemented the platform's main responsibility, improved the enterprise compliance management system, improved the service level of merchants and consumers on the platform, achieved good results in compliance rectification work, improved the online retail market environment, effectively restored fair competition order, continuously expanded market development space, significantly improved competition vitality between platforms, and continuously optimized the quality of platform economic development and business environment.
Next, the State Administration for Market Regulation will guide Alibaba Group to continue regulating its operations, further improving compliance, quality, and efficiency, accelerating innovation driven development, continuously improving service levels, and providing solid guarantees for building a world-class enterprise and enhancing international competitiveness.
At that time, Alibaba responded that this was a new starting point for its development. In the future, we will continue to focus on innovation, adhere to compliant operations, increase investment in technology, promote the healthy development of the platform economy, and create more value for society.
In December 2020, the State Administration for Market Regulation launched an investigation into Alibaba Group Holding Limited's abuse of market dominance in the Chinese online retail platform service market in accordance with the Anti Monopoly Law.
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Disclaimer: The views expressed in this article are those of the author only, this article does not represent the position of CandyLake.com, and does not constitute advice, please treat with caution.
Disclaimer: The views expressed in this article are those of the author only, this article does not represent the position of CandyLake.com, and does not constitute advice, please treat with caution.
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