Chinese e-commerce giant Alibaba Group may face a class-action lawsuit initiated by five law firms based in the US.
According to China Daily, Pomerantz LLP, the Rosen Law Firm, Holzer and Holzer LLC, Howard G. Smith and Bronstein, and Gewirtz and Grossman LLC said on Friday they are investigating investor claims about Alibaba's business practices.
The company recently suffered a set-back following the biggest drop in its stock price since it debuted on the New York Stock Exchange in September.
The development comes amid a critical Chinese government report about counterfeit goods being sold on one of the company's online platforms, the report said.
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