Yahoo and its Board Investigated by Tripp Levy PLLC
Tripp Levy PLLC, a leading national securities law firm, is investigating potential securities fraud claims against Yahoo, Inc. (“Yahoo” or the “Company”) (NasdaqGS:YHOO - News), and Yahoo’s board of directors, resulting from allegations that the Company may have issued materially inaccurate financial statements to the investing public between July 2009 and May 13, 2011, and failed to timely disclose that Alibaba Group (“Alibaba”), in which Yahoo owns a 43 percent stake, has transferred its online-payments unit Alipay to a company controlled by Alibaba's CEO Jack Ma, depriving Yahoo of a valuable asset.
On May 10, 2011, Yahoo disclosed in an SEC filing that Alibaba Group transferred ownership of Alipay to a new company controlled by Jack Ma. On this news, Yahoo’s share price fell 9.7% before closing at a loss of 7.2% for the day.
On May 12, 2011, Yahoo announced that “On March 31, 2011, Yahoo! and Softbank were notified by Alibaba Group of two transactions that occurred without the knowledge or approval of the Alibaba Group board of directors or shareholders. The first was the transfer of ownership of Alipay in August 2010. The second was the deconsolidation of Alipay effective in the first quarter of 2011.” On this announcement, Yahoo’s shares fell as much as 7.3% on extraordinarily high volume.
On May 13, 2011, Alibaba announced that it told its board in July 2009 that it had transferred ownership of Alipay to Chief Executive Jack Ma, rejecting allegations from Yahoo that it had been blindsided by the transfer. Four directors make up Alibaba's board, including Yahoo co-founder and director Jerry Yang.
Tripp Levy PLLC is investigating whether Yahoo knew and failed to disclose the loss of Alipay in July 2009, and why Yahoo did not disclose to its shareholders, at a minimum, at its April 19, 2011, earnings conference call or in its earnings press release, that Alibaba transferred Alipay to a company controlled by Jack Ma, to the detriment of Yahoo and its shareholders.
If you purchased Yahoo common stock during the period July 2009 and May 13, 2011 and suffered a loss on your investment and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
On May 10, 2011, Yahoo disclosed in an SEC filing that Alibaba Group transferred ownership of Alipay to a new company controlled by Jack Ma. On this news, Yahoo’s share price fell 9.7% before closing at a loss of 7.2% for the day.
On May 12, 2011, Yahoo announced that “On March 31, 2011, Yahoo! and Softbank were notified by Alibaba Group of two transactions that occurred without the knowledge or approval of the Alibaba Group board of directors or shareholders. The first was the transfer of ownership of Alipay in August 2010. The second was the deconsolidation of Alipay effective in the first quarter of 2011.” On this announcement, Yahoo’s shares fell as much as 7.3% on extraordinarily high volume.
On May 13, 2011, Alibaba announced that it told its board in July 2009 that it had transferred ownership of Alipay to Chief Executive Jack Ma, rejecting allegations from Yahoo that it had been blindsided by the transfer. Four directors make up Alibaba's board, including Yahoo co-founder and director Jerry Yang.
Tripp Levy PLLC is investigating whether Yahoo knew and failed to disclose the loss of Alipay in July 2009, and why Yahoo did not disclose to its shareholders, at a minimum, at its April 19, 2011, earnings conference call or in its earnings press release, that Alibaba transferred Alipay to a company controlled by Jack Ma, to the detriment of Yahoo and its shareholders.
If you purchased Yahoo common stock during the period July 2009 and May 13, 2011 and suffered a loss on your investment and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
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