United States of America: Announced settlement in lawsuit relating to alleged monopolistic practices by Alibaba (Ciccarello and others v Alibaba group holding limited)

On 25 October 2024, Alibaba Group announced that it reached a settlement in a shareholder class action lawsuit by agreeing to pay USD 433.5 million. The lawsuit, filed in 2020, alleged that Alibaba misled investors by concealing regulatory risks related to an Initial Public Offering and claimed it complied with anti-monopoly laws despite requiring merchants to use only one platform. The settlement covers investors in Alibaba’s American depositary shares from 13 November 2019 to 23 December 2020, addressing losses from Alibaba's alleged misstatements. The settlement is subject to court approval.