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d wow Newby has 18 as UNC Wilmington defeats Marshall 78-69In 2020, Alibaba Group Holding Ltd BABA prepared for the record-breaking IPO of its affiliate, Ant Group, poised to revolutionize financial technology. Just days before the launch, regulators revealed that Ant had bypassed key banking laws to expand its services. The IPO, valued at $35 billion, was abruptly suspended, causing Alibaba's stock to plummet 13% in a single day. Shortly after, the State Administration for Market Regulation launched an antitrust investigation into Alibaba's monopolistic practices. Investors alleged that Alibaba misled them about regulatory risks tied to Ant Group, its ownership structure, and lending activities. Alibaba has agreed to a $433.5 million settlement with investors to resolve these claims. Affected investors can now file a claim to receive their payouts. Overview In July 2020, Ant Group announced plans for a record-breaking $35 billion IPO, poised to drive significant growth for Alibaba Group Holding Ltd BABA , which held a 33% stake. However, regulatory concerns over Ant's business model, ownership structure, and compliance with new fintech rules led to the IPO's abrupt suspension in November, just days before its launch. The fallout caused Alibaba's shares to plummet, erasing billions in market value, and triggered an antitrust investigation into its monopolistic "Choose One of Two" practices. In response, investors filed a class-action lawsuit, accusing Alibaba of failing to disclose critical regulatory risks. Recently, Alibaba agreed to pay $433.5 million to affected shareholders to settle this lawsuit. SAMR's Crackdown on Alibaba: Legal and Regulatory Implications As Alibaba's market dominance and access to vast consumer data grew, the Chinese government expressed rising concerns about its economic impact. In response, the SAMR introduced new anti-monopoly regulations on September 1, 2019, targeting practices by powerful companies like Alibaba. On November 5, SAMR convened a meeting with around twenty major e-commerce firms, warning that practices like "Choose One of Two" were illegal and must stop. While Alibaba did not deny using such practices, it dismissed the criticism as "slander" and "malicious hype" in a press statement. Under growing regulatory pressure, however, the company eventually committed to compliance, acknowledging potential scrutiny for future violations. Despite the clear warnings, Alibaba continued its anti-competitive behavior. In November 2020, the government introduced new regulations specifically targeting monopolistic behavior in the internet industry, with Alibaba as a primary focus. This announcement triggered a sharp 9% drop in Alibaba's share price on November 10, 2020. By December, SAMR launched a formal investigation, which ultimately found Alibaba guilty and resulted in a record $2.8 billion fine. Political Risk and the Hidden Investors Behind Ant’s IPO Ant Group was spun off from Alibaba in 2011. Jack Ma controlled 50.5% of Ant's shares, while Alibaba held a 33% stake. On July 20, 2020, Alibaba announced Ant’s IPO, aiming to raise a record $35 billion with a $300 billion valuation, sparking excitement among investors, as Alibaba's stake could be worth over $100 billion. However, the enthusiasm was short-lived, as the company revealed in November 2020 that the IPO had been abruptly suspended. The suspension was largely driven by Ant's attempt to bypass financial regulations. Although operating as a financial services company, Ant positioned itself as a tech firm to avoid traditional banking rules. Its high-risk lending activities, with leverage ratios of 50-60 times, raised serious concerns among regulators. In response, China introduced new rules in September 2020, requiring financial holding companies like Ant to maintain higher capital levels, further intensifying scrutiny. Jack Ma's criticism of regulators in an October speech further fueled tensions. Another major risk to the IPO was the hidden identities of private investors whose interests conflicted with those of Chinese President. These investors concealed their ownership through complex and opaque investment structures. Jack Ma was reportedly aware of the political risks tied to these undisclosed ownership interests but failed to address them transparently. When the Chinese government uncovered the identities of these investors during an investigation prior to the Ant IPO, it decided to halt the offering entirely. As a result of the undisclosed information, the share price of Alibaba dropped from $310 on November 2, 2020, to $222 on December 24, 2020, indicating a total fall of 29%. Following these events, investors accused Alibaba of failing to disclose the regulatory risks tied to Ant Group and its monopolistic practices, leading to a lawsuit against the company. Resolving the Case To resolve the lawsuit from investors, Alibaba has agreed to a cash settlement of $433.5 million. If you invested in Alibaba, you may be eligible to claim a portion of this settlement to recover your losses. Despite these efforts, Alibaba’s stock remains below its peak, trading at $85. In August 2024, China's market regulator announced that Alibaba had completed three years of "rectification" for monopolistic behavior. Alibaba called the announcement a "new starting point for development" and pledged to continue fostering the healthy growth of the platform economy. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.South Korea’s markets vulnerable after weekend of political stalemate

Unions attack 2.8% Government pay rise proposal for NHS workers and teachersFAIRFAX, Va. (AP) — Brayden O'Connor's 17 points helped George Mason defeat Tulane 76-64 on Saturday. O'Connor went 7 of 10 from the field for the Patriots (7-3). Darius Maddox shot 4 for 11 (3 for 6 from 3-point range) and 6 of 6 from the free-throw line to add 17 points. Jalen Haynes shot 4 of 11 from the field and 7 of 9 from the free-throw line to finish with 15 points. Rowan Brumbaugh led the way for the Green Wave (4-6) with 12 points and four assists. Gregg Glenn III added 11 points and 11 rebounds for Tulane. Mari Jordan also had 11 points. George Mason took the lead with 14:04 left in the first half and never looked back. O'Connor led their team in scoring with 15 points in the first half to help put them up 45-27 at the break. George Mason was outscored by Tulane in the second half by a six-point margin, but still wound up on top, while Haynes led the way with a team-high 10 second-half points. ___ The Associated Press created this story using technology provided by and data from . The Associated PressNone

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Philadelphia's Joel Embiid scored 31 points and pulled down 12 rebounds in his return after missing seven games to spark the 76ers on Sunday in a 108-100 NBA victory at Chicago. Embiid had been sidelined by a left knee injury and personal reasons since a November 20 loss to Memphis, the Sixers going 4-3 in his absence. The 30-year-old Cameroonian-born big man, who wore a left knee brace, also added four assists and two blocked shots in 33 minutes in only his fifth game of the season. "He caught fire there," 76ers coach Nick Nurse said of Embiid. "Certainly he gave us a lot of confidence." Philadelphia guard Tyrese Maxey contributed his first career NBA triple-double with 25 points and career highs of 14 assists and 11 rebounds. "It was good," Maxey said. "The offense flowed really well. Pick and roll was really good. I was able to get everybody involved, get Joel going and get myself going too." "He turned on the jets and got to the rim at some pretty opportune times," Nurse said of Maxey. Embiid was a welcome court presence for the 76ers. "He creates so much space for us on the floor, gets the attention," said Maxey. "I didn't see one pick and roll double team for the first time in a long time." Zach LaVine led the Bulls with 30 points. At New York, Milwaukee's Giannis Antetokounmpo scored 34 points and grabbed 11 rebounds to lead the Bucks over the Brooklyn Nets 118-113. Damian Lillard added 15 points and 11 assists while reserve Bobby Portis contributed 23 points and Gary Trent Jr. scored 20 off the Milwaukee bench. Germany's Dennis Schroder led the Nets with 34 points. js/mlmYoenis Cespedes declares his Mets reunion desires on Instagram