Alibaba Group Holding Ltd said on Monday it will pay $250 million to settle a U....
NEW YORK - Alibaba Group Holding Ltd said on Monday it will pay $250 million to settle a U.S. lawsuit faulting the Chinese e-commerce company for concealing a regulatory warning about its ability to stop counterfeiting before it went public in 2014.
Alibaba’s American Depositary Shares fell 12.8 percent on Jan. 28 and 29, 2015 after the SAIC issued a white paper based on concerns raised at the meeting, saying many products sold on Alibaba websites were fake or infringed trademarks.While the white paper was later withdrawn, seven proposed U.S. class-action lawsuits were filed on behalf of ADS investors over the share price decline, before being consolidated.
Alibaba has long faced accusations that its online platforms are a haven for counterfeiters, including in lawsuits by luxury brands such as Gucci and Yves Saint Laurent.
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