Last month a class action complaint

Last month a class action complaint was filed against Alibaba. The complaint alleges that throughout the class period, Defendants issued materially false and misleading statements and failed to disclose that: (1) Ant Small and Micro Financial Services Group Co., Ltd. ("Ant Group"), a financial technology company in which Alibaba owns a 33% equity interest, did not meet listing qualifications or disclosure requirements for certain material matters; (2) certain impending changes in the Fintech regulatory environment would impact Ant Group's business; (3) as a result of the foregoing, Ant Group's initial public offering was reasonably likely to be suspended; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and lacked a reasonable basis.