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Alibaba Pays $250m Over Lawsuit

Alibaba will pay US$250 million to settle a US lawsuit after the Chinese e-commerce company concealed a regulatory warning about counterfeiting before its 2014 IPO.

The lawsuit accused Alibaba of securities fraud for failing to disclose it had met with China’s State Administration for Industry and Commerce two months before the $25 billion IPO.

The settlement, which requires court approval, also resolves claims against Alibaba executives, including billionaire founder and CEO Jack Ma.

Alibaba denied wrongdoing and said the settlement ends all pending securities litigation against the company, its executive officers and its directors.

 

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