Glancy Prongay & Murray wins record $433.5 million Alibaba lawsuit settlement
- Investors accused Alibaba of violating the Securities Exchange Act of 1934 by misrepresenting its regulatory compliance.
- The $433.5 million settlement is a landmark victory and represents the largest in connection to a Chinese issuer.
- This case highlights the importance of accountability and protection for investors in corporate practices.
On March 28, 2025, Glancy Prongay & Murray LLP announced the final approval of a historic settlement totaling $433.5 million related to the Alibaba Group Holding Limited securities class action. This settlement resolves claims by investors asserting that Alibaba violated the Securities Exchange Act of 1934 through alleged misrepresentations regarding its regulatory compliance and the use of anti-competitive business practices between November 13, 2019, and December 23, 2020. Notably, this settlement marks the largest securities class action settlement against a Chinese company, as well as ranking among the top fifty largest U.S. securities class action settlements recorded by Institutional Shareholder Services (ISS). The case has been led by Glancy Prongay & Murray partners Kara Wolke and Melissa Wright, who acted as sole Lead Counsel and committed over four years to vigorously litigate the matter on behalf of the affected investors. The lawsuit, filed in the Southern District of New York under case number 1:20-cv-09568, reflects significant legal endeavors aimed at protecting investors' interests and ensuring accountability in corporate conduct.