BENGALURU: Alibaba Group Holding Ltd said it was being investigated by the US Securities and Exchange Commission over whether the Chinese e-commerce company’s accounting practices violated any federal laws.
Alibaba’s shares were down 4.1% at US$77.80 in early trading on Wednesday.
The company has provided the SEC with information about its accounting for logistics unit Cainiao Network as well as operating data from its Singles’ Day shopping festival, according to Alibaba’s annual report filed on Tuesday.
The SEC advised the company that the investigation should not be seen as an indication that Alibaba had violated federal securities laws, Alibaba said.
Up to Tuesday’s close, Alibaba’s stock had fallen 12.3% in the last 12 months. - Reuters
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