Robbins Geller Rudman & Dowd LLP and Cotchett, Pitre & Mccarthy, LLP Announce Proposed Settlement in the Alibaba Securities Litigation Settlement

The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Cotchett, Pitre & Mccarthy, LLP regarding the Alibaba Securities Litigation Settlement:

 

SUPERIOR COURT OF THE STATE OF CALIFORNIA

COUNTY OF SAN MATEO

 

CHICAGO LABORERS PENSION FUND, et al.,

      )  

Case No. CIV535692

Individually and on Behalf of All Others Similarly

) (Consolidated)

Situated,

)

CLASS ACTION

Plaintiffs,

)

SUMMARY NOTICE OF PROPOSED

vs. )

SETTLEMENT OF CLASS ACTION

ALIBABA GROUP HOLDING LIMITED, et al., )

Assigned for All Purposes to Dept. 16

Defendants. )

Date Action Filed: 10/05/15

)

 

)
     

TO:

ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED ALIBABA GROUP HOLDING LIMITED (ALIBABA OR THE COMPANY) AMERICAN DEPOSITARY SHARES (ADS) PURSUANT OR TRACEABLE TO THE COMPANYS REGISTRATION STATEMENT AND PROSPECTUS FILED IN CONNECTION WITH ALIBABAS INITIAL PUBLIC OFFERING (IPO) ON OR ABOUT SEPTEMBER 19, 20141

 

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

 

YOU ARE HEREBY NOTIFIED that a hearing will be held on May 17, 2019, at 9:00 a.m., before the Honorable Richard H. DuBois at the Superior Court of California, County of San Mateo, Department 16, Courtroom 7A, 400 County Center, Redwood City, CA 94063, to determine whether: (1) the proposed settlement (the Settlement) of the above-captioned action as set forth in the Stipulation of Settlement (Stipulation)2 for $75,000,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered; (3) to award Plaintiffs Counsel attorneys fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action (Notice), which is discussed below) and, if so, in what amount; (4) to pay Plaintiffs for representing the Class out of the Settlement Fund and, if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.

This Action is a consolidated securities class action brought on behalf of those Persons who purchased or acquired Alibaba ADS pursuant or traceable to the Registration Statement and Prospectus for Alibabas IPO, against Alibaba and certain of its officers, directors and underwriters of Alibabas IPO (collectively, Defendants) for, among other things, allegedly misstating and omitting material facts from the Registration Statement and Prospectus filed with the U.S. Securities and Exchange Commission in connection with the IPO. Plaintiffs allege that these purportedly false and misleading statements inflated the price of the Companys stock, resulting in damage to Class Members when the truth was revealed. Defendants deny all of Plaintiffs allegations.

IF YOU PURCHASED OR ACQUIRED ALIBABA ADS BETWEEN SEPTEMBER 18, 2014 THROUGH AND INCLUDING OCTOBER 5, 2015, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (Proof of Claim) by mail (postmarked no later than May 2, 2019) or electronically (no later than May 2, 2019). Your failure to submit your Proof of Claim by May 2, 2019, will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement documents, online at www.AlibabaSecuritiesLitigation.com, or by writing to:

Alibaba Securities Litigation Settlement c/o Gilardi & Co. LLC P.O. Box 505023 Louisville, KY 40233-5023

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Plaintiffs Counsel:

ROBBINS GELLER RUDMAN & DOWD LLP Ellen Gusikoff Stewart 655 West Broadway, Suite 1900 San Diego, CA 92101 Telephone: 800/449-4900

COTCHETT, PITRE & McCARTHY, LLP Mark C. Molumphy 840 Malcolm Road, Suite 200 Burlingame, CA 94010 Telephone: 650/697-6000

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY APRIL 2, 2019, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY PLAINTIFFS COUNSEL FOR AN AWARD OF ATTORNEYS FEES AND EXPENSES, AND/OR THE PAYMENT TO PLAINTIFFS FOR THEIR TIME AND EXPENSES. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO PLAINTIFFS COUNSEL BY APRIL 2, 2019, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE.

               
DATED: January, 11, 2019

BY ORDER OF THE SUPERIOR COURT OF CALIFORNIA, COUNTY OF SAN MATEO THE HONORABLE RICHARD H. DuBOIS

 

 

1 For purposes of this Settlement only, the Class includes all persons or entities who purchased or otherwise acquired Alibaba ADS on or before October 5, 2015. 2 The Stipulation can be viewed and/or obtained at www.Alibabasecuritieslitigation.com.

Robbins Geller Rudman & Dowd LLP
Shareholder Relations
Rick
Nelson
1-619-231-1058