Online Claim Filing and Electronic Filing will be available on November 26, 2024.
The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of the Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information. All capitalized terms used on this website and in the Notice that are not otherwise defined have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated October 25, 2024 (“Stipulation”), which you may access by clicking here.
If you purchased or otherwise acquired Alibaba ADS between November 13, 2019 and December 23, 2020, inclusive and suffered economic losses as a proximate result of the alleged wrongdoing, you may be entitled to a payment from a class action settlement.
PLEASE READ THE NOTICE CAREFULLY.
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SUBMIT A CLAIM FORM ONLINE AT THE SETTLEMENT WEBSITE OR POSTMARKED NO LATER THAN MARCH 26, 2025. |
This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 35 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 36 of the Notice), so it is in your interest to submit a Claim Form. You may submit a Claim Form and supporting documents online [here]. You may print a Claim Form here. |
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EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN MARCH 6, 2025. |
If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the other Defendants’ Releasees concerning the Released Plaintiffs’ Claims. |
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OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN MARCH 6, 2025. |
If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class. |
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GO TO A HEARING ON MARCH 27, 2025 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN MARCH 6, 2025. |
Filing a written objection and notice of intention to appear by March 6, 2025 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection |
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DO NOTHING. |
If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
The Settlement Hearing
Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission made in accordance with the provisions set forth in paragraphs 82-90 of the Notice even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing.
The Settlement Hearing will be held on March 27, 2025 at 10:00 a.m., before the Honorable George B. Daniels at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 11A, 500 Pearl Street, New York, NY 10007. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class.
What is this case about?
This litigation is a class action brought by investors alleging that Defendants violated the federal securities laws by making material misstatements regarding Alibaba’s alleged monopolistic “exclusivity practices,” as well as the planned IPO of Ant Group, a Fintech company in which Alibaba owned a large equity stake. Plaintiffs alleged the prices of Alibaba ADS were artificially inflated as a result of Defendants’ allegedly false and misleading statements, and declined when the truth was revealed. A more detailed description of the Action is set forth in paragraphs 11-24 of the Notice. You may also review the Amended Complaint and the Court’s Order on the Motion to Dismiss.
The Settlement Benefits
At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.
Pursuant to the Settlement, Alibaba has agreed to pay or caused to be paid Four Hundred Thirty-Three Million Five Hundred Thousand U.S. Dollars ($433,500,000) in cash. The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.” If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submit valid Proof of Claim and Release Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.
The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review, whether by certiorari or otherwise, has expired.
Further Information
This website and the Notice summarize the Settlement. For more details regarding the Settlement, please reference the Stipulation or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:
Claims Administrator:
In re Alibaba Group Holding Ltd. Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173006
Milwaukee, WI 53217
877-869-0223
info@AlibabaClassActionSettlement.com
Lead Counsel:
Glancy Prongay & Murray LLP
Attn: Kara M. Wolke, Esq.
1925 Century Park East
Suite 2100
Los Angeles, CA 90067