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NEW YORK (Reuters) -A U.S. judge said Alibaba Group Holding Ltd, the Chinese e-commerce giant founded by Jack Ma, must face claims it defrauded shareholders about its alleged monopolistic practices, but dismissed claims over a shelved initial public offering for its Ant Group affiliate. In a 31-page decision on Wednesday, U.S. District Judge George Daniels in Manhattan also dismissed all claims against the billionaire Ma, including for insider trading. Shareholders accused Alibaba of concealing regulatory concerns about an IPO for Ant, which operated the Alipay mobile payment platform and in which Alibaba had a 33% stake, before China blocked the potential $37 billion offering in 2020.
Just as in all downturns in the past, the economy will recover, and the stock market will rebound as well. If you're able to invest in the stock market today and are willing to buy and hold for multiple years, three stocks you should consider loading up on are Alibaba Group Holdings (NYSE: BABA), Comcast (NASDAQ: CMCSA), and Gilead Sciences (NASDAQ: GILD). Chinese internet giant and media company Alibaba has seen its share price collapse over the past three years, with its value nosediving by more than 50%.
Alibaba (BABA) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.