U.S. judge narrows shareholder lawsuit against Alibaba [Reuters]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Reuters
founded by Jack Ma of misleading them about its alleged monopolistic practices and a shelved initial public offering for its Ant Group affiliate. U.S. District Judge George Daniels in Manhattan on Wednesday dismissed all claims against Ma, including for insider trading. He also said shareholders lacked standing to sue over Ant, which operated the Alipay mobile payment platform and in which Alibaba had a 33% stake, because the potential $37 billion IPO did not happen and thus they never bought or sold Ant shares. Daniels said Alibaba shareholders could sue over the company's statements that it did not violate anti-monopoly or unfair competition laws, despite its practice of requiring merchants to choose only one distribution platform. Beijing fined Alibaba $2.75 billion in April 2021 for requiring "merchant exclusivity" to do business. Daniels said the "continued use of exclusivity practices, contrary to (Alibaba's) public representations and commitments, indicates that defen
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