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Alibaba Group Holding Limited Class Action Lawsuit - BABA

Company: Alibaba Group Holding Limited (NYSE: BABA)
Lead Plaintiff Deadline: October 5, 2026 (53 Days Left)
Class Period: June 26, 2025 - June 24, 2026

53
Days Left

Lead Plaintiff Deadline

Oct 5, 2026

Join the Alibaba Group Holding Limited Class Action Lawsuit

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1.I have reviewed a complaint filed in the action.

2.I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3.I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4.My transaction(s) in which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5.Within the last 3 years,

I have not sought to serve nor have I served as a class representative in any federal securities fraud case. I have sought to serve as a class representative in

6.I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

Are you US Citizen?

Yes. I certify under penalty of perjury that the foregoing is true and correct. Executed this No. I certify under penalty of perjury under the laws of the United States of America that the foregoing is true and correct. Executed this

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Alibaba Group Holding Limited. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

I have reviewed the complaint linked in paragraph 1

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Allegations

The filed complaint alleges that Alibaba Group Holding Limited made materially false and/or misleading statements and/or failed to disclose that: (1) under the National Defense Authorization Act, any entities directly or indirectly controlled by or affiliated with the Chinese Ministry of Industry and Information Technology (MIIT) were considered a Chinese military company; (2) Alibaba was directly or indirectly controlled by or affiliated with the MIIT; (3) the risk of Alibaba carrying out distillation attacks against third-party AI models was not a mere hypothetical or inadvertent, but ongoing; and (4) as a result, defendants’ public statements about Alibaba’s business, operations, and prospects were materially false and/or misleading at all relevant times.

Eligibility

In order to be eligible to join the BABA class action lawsuit, you must have incurred a loss on shares of Alibaba Group Holding Limited purchased during the class period listed above.

Lead Plaintiff Deadline

If you suffered a loss in Alibaba Group Holding Limited during the relevant time frame or pursuant to the relevant offering(s), you have until October 5, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Alibaba Group Holding Limited Class Action Lawsuit Details

Key Facts About Alibaba Group Holding Limited (NYSE: BABA)

● The Allegation: The complaint alleges Alibaba failed to disclose that it qualified as a Chinese military company under the FY2025 NDAA because of alleged direct or indirect control by, or affiliation with, the MIIT. It also alleges Alibaba misleadingly described risks involving unauthorized distillation of third-party AI models as hypothetical or inadvertent while it was allegedly carrying out distillation attacks against Anthropic PBC's Claude model.

● The Stock Drop: BABA fell $4.73 per ADS, or 4.7%, to close at $95.07 per ADS on June 25, 2026, after Bloomberg reported Anthropic's allegations about illicit access to Claude. Earlier, BABA fell $4.69, or approximately 3.9%, over two trading days to close at $115.38 on June 10, 2026, after the U.S. Department of Defense listed Alibaba as a Chinese military company; BABA fell $2.80 per ADS, or 2.7%, to close at $99.80 per ADS on June 24, 2026, after the Bloomberg article.

● Class Period & Defendants: The class period runs from June 26, 2025 through June 24, 2026, inclusive. The named defendants are Alibaba Group Holding Limited and Eddie Yongming Wu, Chief Executive Officer at all relevant times.

● Lead Plaintiff Deadline: October 5, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.

Alibaba Class Action Summary
Company	Alibaba Group Holding Limited (NYSE: BABA)
Lead Plaintiff Deadline	October 5, 2026
Class Period	June 26, 2025 - June 24, 2026
Stock Drop	June 10, 2026 - BABA fell $4.69 (approximately 3.9%) to $115.38; June 24, 2026 - BABA fell $2.80 per ADS (2.7%) to $99.80 per ADS; June 25, 2026 - BABA fell $4.73 per ADS (4.7%) to $95.07

Introduction

A securities class action lawsuit has been filed against Alibaba Group Holding Limited. Plaintiff Carl Wistisen brings the case for investors who bought publicly traded Alibaba securities from June 26, 2025 through June 24, 2026.

The complaint alleges Alibaba made materially false and misleading statements about U.S. military-company risks and AI model access. It claims Alibaba did not warn investors that it qualified as a Chinese military company under the FY2025 NDAA.

Investors allegedly suffered losses after two disclosures reached the market. BABA declined after the U.S. Department of Defense listed Alibaba as a Chinese military company, and again after Bloomberg reported Anthropic's accusations.

Company Profile

Alibaba Group Holding Limited is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. The company's American Depositary Shares trade on the New York Stock Exchange under the ticker symbol BABA.

Class Period

June 26, 2025 – June 24, 2026

Investors who purchased or acquired Alibaba Group Holding Limited (BABA) securities during the Class Period may be eligible to seek recovery under federal securities laws.

Allegations

The Alibaba shareholder lawsuit centers on two alleged disclosure failures during the class period. According to the complaint, Alibaba publicly discussed U.S. restrictions affecting Chinese companies deemed owned or controlled by the Chinese military, while failing to disclose that Alibaba itself allegedly faced that risk because of its relationship with China's Ministry of Industry and Information Technology, or MIIT.

The complaint points to Alibaba's 2025 Annual Report on Form 20-F, filed on June 26, 2025, and the incorporated 2025 Hong Kong Report. Those materials stated that telecommunications service providers in China must obtain an operating license from the MIIT, and that Alibaba's online and mobile commerce businesses and Youku's online video businesses were classified as value-added telecommunications services. The same report disclosed that U.S. executive orders had prohibited U.S. persons from investing in publicly traded securities of certain Chinese companies deemed owned or controlled by the Chinese military, and that China Telecom Corporation Limited, China Mobile Limited, and China Unicom (Hong Kong) Limited had been delisted from the NYSE.

The complaint alleges those disclosures were materially false and misleading because they identified risks to other Chinese companies while failing to disclose Alibaba's own alleged exposure under Section 1260H(g) of the FY2025 NDAA. The complaint claims that the NDAA defined a Chinese military company to include entities directly or indirectly controlled by, or affiliated with, the MIIT, and that Alibaba allegedly fit that definition.

The Alibaba securities lawsuit also challenges statements in Alibaba's 2026 Annual Report on Form 20-F, filed May 20, 2026. That filing warned that perceived or alleged misuse of personal data or unauthorized distillation of third-party models by Alibaba's large language models could harm the company's reputation, business, and prospects. The complaint alleges that this framed adversarial distillation as a hypothetical or inadvertent risk when Alibaba was allegedly already carrying out distillation attacks against Anthropic PBC's Claude AI model.

The Truth Emerges

The first alleged corrective disclosure occurred after market hours on June 8, 2026, when the U.S. Department of Defense released an updated list identifying Chinese military companies. The complaint alleges that Alibaba was included because of its direct or indirect control by, or affiliation with, the MIIT.

The second disclosure came shortly before the market closed on June 24, 2026, when Bloomberg published an article titled "Anthropic Accuses Alibaba of 'Illicitly' Accessing AI Models." Bloomberg reported that Anthropic PBC accused Alibaba of using thousands of fraudulent accounts to access its Claude artificial intelligence model, despite Anthropic's decision to keep its products out of China.

According to the Bloomberg report quoted in the complaint, Anthropic said operators linked to Alibaba's Qwen AI lab targeted Claude's software engineering and agentic reasoning capabilities. The report stated that the effort involved 28.8 million exchanges with Claude between April and June through almost 25,000 fraudulent accounts, and that Anthropic described the conduct as adversarial distillation.

Market Reaction

Following the Department of Defense disclosure, Alibaba ADSs fell $4.69, or approximately 3.9%, over two trading days to close at $115.38 on June 10, 2026. The complaint alleges this decline reflected the market's reaction to Alibaba's inclusion on the Chinese military companies list.

After Bloomberg reported Anthropic's allegations, BABA fell $2.80 per ADS, or 2.7%, to close at $99.80 per ADS on June 24, 2026. The next day, the ADS price fell another $4.73 per ADS, or 4.7%, to close at $95.07 on June 25, 2026.

Next Steps

● Lead Plaintiff Deadline: October 5, 2026

● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.

● Defendants may file a motion to dismiss.

● If the case proceeds, the Court may later consider class certification.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes.

Deadline
Oct 5, 2026

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