SEC investigating Alibaba’s accounting practices
Alibaba Group Holding Ltd (BABA.N) said it was being investigated by the U.S. Securities and Exchange Commission over whether the Chinese e-commerce company’s accounting practices violated any federal laws.
Alibaba’s shares were down 4.1 percent at $77.80 in early trading on Wednesday.
The company has provided the SEC with information about its accounting for logistics unit Cainiao Network as well as operating data from its Singles’ Day shopping festival, according to Alibaba’s annual report filed on Tuesday. (bit.ly/1XwuQ1o) Read more