A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song
NEW YORK: Alibaba Group Holdings Ltd has won the dismissal of a US lawsuit accusing China's largest e-commerce company of defrauding shareholders by concealing a regulator's warning about its ability to suppress counterfeiting on its websites.
Chief Judge Colleen McMahon of the US District Court in Manhattan ruled late June 21 that Alibaba did not fraudulently omit its July 16, 2014 meeting with China's powerful State Administration for Industry and Commerce from investor materials for its US$25bil (RM100.54bil) initial public offering two months later.
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