Yahoo Stock Purchasers File Securities Fraud Class Action Lawsuit Complaint Against Yahoo! Inc. Over Alleged Misrepresentations About Alipay E-Commerce.
A class action lawsuit has been filed against Yahoo! Inc. (“Yahoo!” or “Yahoo”) and others (collectively “Defendants”) in the United States District Court for the Northern District of California (styled Vince Bonato v. Yahoo! Inc., Carol A. Bartz and Jerry Yang, Class Action Case No. 3:11-cv-02732-CRB), alleging, among other things, that Yahoo and the other defendants, purportedly in violation of the Securities and Exchange Act of 1934, issued false and misleading statements and failed to disclose that an important corporate asset in China (Alibaba Group Holdings Limited’s Alipay e-commerce payment system) had been transferred at less than market value to another company, according to the Yahoo securities fraud class action lawsuit complaint.
The Yahoo securities fraud class action lawsuit complaint was reportedly brought on behalf of a putative class consisting of the following persons:
All persons and entities who acquired shares of Yahoo common stock during the Class Period (between April 19, 2011 and May 13, 2011, inclusive) and who were damaged thereby (the “Class”).
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