WELCOME TO THE ALIBABA SECURITIES LITIGATION WEBSITE
This website has been established to provide general information related to the proposed settlement of the lawsuit referred to as Chicago Laborers Pension Fund, et al. v. Alibaba Group Holding Limited, et al., No. CIV535692 (the “Litigation”), and is pending before the Honorable Richard H. DuBois in the Superior Court of California, County of San Mateo (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated December 28, 2018, which can be found and downloaded by clicking on the Case Documents tab above.
The law firms of Robbins Geller Rudman & Dowd LLP and Cotchett, Pitre & McCarthy, LLP represent you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
This is a securities class action brought against Alibaba for alleged violations of §§11, 12(a)(2) and 15 of the Securities Act of 1933 (the “Securities Act”) by reason of material misrepresentations and omissions in the Registration Statement and Prospectus for Alibaba’s September 2014 initial public offering ("IPO"). Alibaba is a China-based online and mobile commerce company in retail and wholesale trade, as well as cloud computing and other services. Plaintiffs allege that the Registration Statement and Prospectus represented that counterfeiting and other illicit activities were risks that could adversely impact Alibaba’s business while failing to disclose that multiple Chinese regulators had informed Alibaba during a July 16, 2014 meeting that there were numerous and persistent illegal practices on Alibaba’s e-commerce platforms that the Company had ignored, participated in, and covered up for a long time.
If you purchased or otherwise acquired Alibaba ADS pursuant or traceable to the Registration Statement and Prospectus filed in connection with Alibaba’s IPO, you are a Class Member. For purposes of this Settlement only, you are a Class Member if you purchased or otherwise acquired Alibaba ADS on or before October 5, 2015. As set forth in the Stipulation, excluded from the Class are: Defendants, the officers and directors of Alibaba (at all relevant times), members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which any of the above has a majority ownership interest. Also excluded from the Class are those persons who would otherwise be members of the Class but who timely and validly exclude themselves therefrom.
At the time of the proposed Settlement, Plaintiffs had completed substantial fact discovery, had completed class certification discovery and filed their motion for class certification, and were preparing the case for trial. Defendants at all times denied that they had made any false statements or omissions, and continue to maintain that their statements complied with all applicable laws and regulations in the United States and elsewhere.
WHAT DOES THE SETTLEMENT PROVIDE?
The proposed Settlement will create a cash settlement fund of Seventy Five Million Dollars ($75,000,000.00) (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.
The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, and for attorneys’ fees and expenses as approved by the Court and for certain expenses of the Plaintiffs, will be available for distribution to Class Members. Your recovery from this fund will depend on a number of variables, including how many Alibaba ADS you purchased or acquired pursuant or traceable to Alibaba's IPO, the timing of your purchases and any sales, and how many other Class Members make claims.
ADDITIONAL INFORMATION
Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement of Class Action (the "Notice") and the Stipulation.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| SUBMIT A PROOF OF CLAIM |
If you choose this option, you will share in the proceeds of the proposed Settlement if your claim is timely, valid, and entitled to a distribution under the Plan of Allocation described in the Notice and if the proposed Settlement is finally approved by the Court; and you will be bound by the Judgment and release to be entered by the Court as described in the Notice. |
| EXCLUDE YOURSELF FROM THE CLASS |
If you choose to be excluded from the Class: (a) you are not entitled to share in the proceeds of the Settlement; (b) you are not bound by any judgment entered in the Litigation; and (c) you are not precluded by the Settlement from otherwise prosecuting an individual claim against Defendants, to the extent any such claim exists, based on the matters complained of in the Litigation. |
| OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, AND/OR THE APPLICATION FOR ATTORNEYS’ FEES AND EXPENSES |
If you choose this option, you are not requesting exclusion from the Class, but you can object to any aspect of the Settlement, the Plan of Allocation, or the application for attorneys’ fees and expenses, and you may appear and be heard at the Settlement Hearing. However, you must submit a written notice of objection, as described in the Notice. |
| APPEAR AT THE HEARING |
If you choose to object and desire to present evidence at the Settlement Hearing in support of your objection, you must include in the written objection or notice of appearance the identity of any witnesses you may call to testify and any exhibits you intend to introduce into evidence at the hearing. Only Class Members who have submitted written notices of objection in this manner will be entitled to be heard at the Settlement Hearing, unless the Court orders otherwise. |
| DO NOTHING AT ALL |
If you choose to do nothing, you will not share in the proceeds of the Settlement, but you will be bound by any judgment entered by the Court, and you will have fully released all of the Released Claims against the Released Parties.
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IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim |
May 2, 2019 |
| Request Exclusion |
April 2, 2019 |
| Submit Written Objection |
April 2, 2019 |
| Submit Notice of Intention to Appear |
April 2, 2019 |
| Settlement Hearing |
May 17, 2019, at 9:00 a.m. PT |
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