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Corporate

Jun. 10, 2011

Yahoo Sued Over Alibaba Stake

A shareholder filed a purported class action lawsuit Tuesday against Yahoo Inc. in the Northern District of California, claiming it misled investors about its finances this spring following actions by a Chinese company it invested in.


By Jill Redhage


Daily Journal Staff Writer


SAN FRANCISCO - A lawsuit filed against Yahoo Inc. Monday alleges the Internet giant cost shareholders a bundle by keeping mum about an asset transfer that drastically shrank the value of its $1 billion investment in Alibaba Group Holdings Ltd., China's biggest e-commerce company.


The purported class action lawsuit, filed in San Francisco federal court, says Alibaba divested its core asset, draini...

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