Official press releases from Alibaba or announcements covered by major financial news outlets

Alibaba to Pay $433.5 Million to Settle 2020 U.S. Shareholder Lawsuit Over Monopolistic Practices

Oct 28, 2024, 01:09 AM

Alibaba has agreed to pay $433.5 million to settle a U.S. class-action lawsuit filed by investors. The lawsuit, filed in 2020, alleges that Alibaba engaged in monopolistic practices, which hurt investors by making misstatements about its exclusivity practices. Despite agreeing to the settlement, Alibaba denies any wrongdoing related to the allegations. The settlement was announced on October 25, 2024, and has led to a 2.1% rise in Alibaba's stock price as of 9:33 a.m. on October 28, 2024.