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Alibaba Said by Law Firm to Be Facing IPO Statements Lawsuit

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Alibaba Group Holding Ltd. was sued over claims it made misleading statements and concealed regulatory scrutiny, following earnings that missed estimates and caused shares to drop 8.8 percent, the most since its September listing.

The law firm Robbins Geller Rudman & Dowd LLP said Friday that it filed the lawsuit in federal court in New York against the company and some officers based on alleged violations of securities laws. The complaint couldn’t be independently verified in court records.