Alibaba, formally known as Alibaba Group Holding Limited, is a Chinese multinational company founded in 1999. It is one of the largest e-commerce companies in the world, specializing in retail, digital media, entertainment, logistics, and cloud computing services.
According to reports, the multinational company has agreed to pay $433.5 million USD to settle a U.S. class-action lawsuit filed by investors in the Southern District of New York alleging monopolistic practices.
The report further mentions that the lawsuit alleged the company made false statements about its antitrust and exclusivity practices, which led to financial losses for investors. It denied all wrongdoing and agreed to settle to avoid further litigation costs and disruption.
