Alibaba's Jack Ma seeks to reassure employees over U.S. lawsuits

(Reuters)-Jack Ma, executive chairman of Alibaba Group Holdings Limited, in a letter to employees on his official Weibo on Friday, urged employees to relax lawsuits that the United States may file a lawsuit against the company because the Litigation may not disclose information to investors. A series of lawsuits were filed in the United States last month after the Chinese government's Alibaba website made unusual public disclosures about fake sales. "I ask Alibaba employees to be assured about the recent lawsuit," Ma Yun said in an annual letter sent before the Lunar New Year. "The Group will take these very seriously and we will approach this issue with the principles of objectivity, transparency and honesty." Since the beginning of the year, Alibaba has suffered many setbacks, and its stock price has fallen by 16.2%. Last month's third-quarter results failed to impress investors, as revenue growth failed to meet expectations, initially evaporating the market value of the e-commerce giant by more than $ 25 billion. Also on Friday, Chinese antitrust regulators said they would investigate pricing strategies in China's e-commerce sector to ensure a “fair” market, which could lead to new companies such as Alibaba and JD.com Inc. Review. Last month, the State Administration for Industry and Commerce (SAIC) said in a now-redrafted "white paper" that it had met with Alibaba before the company was heavily listed in New York to discuss the sale on its platform. Counterfeit goods, but have been rejected. Publish any reports so as not to affect the September IPO. SAIC's share price fell 4.4% on the date of the report, spurring US law firms to sue, accusing Alibaba of failing to disclose risk factors to investors, thereby hurting their investments. "We are monitoring lawsuits over so-called 'white papers' and related incidents," an Alibaba spokesman said in an email on Friday. "We have always been transparent in corporate governance and day-to-day business operations, and we do our best to protect the interests of every shareholder. We will vigorously defend ourselves and our business practices." In a letter to Alibaba employees, Jack Ma said the lawsuits were an inevitable consequence of going public and being a Chinese company. Ma Yun said, "Almost every large multinational company faces such challenges-IBM, Microsoft, Wal-Mart."