Alibaba falls the most in 4 months on SEC probe
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ALIBABA Group Holding Ltd - which counts Temasek Holdings as an investor - fell the most in four months after the e-commerce giant said it's being investigated by the US Securities and Exchange Commission (SEC) over its accounting practices and whether they violate federal laws.
The regulator is looking at data reported from the company's Singles' Day promotion, Alibaba's biggest shopping day, and how Alibaba consolidates results from affiliated companies, including logistics partner Cainiao Network, the Hangzhou, China-based company said in its annual report. Alibaba said that it's providing documents and cooperating with the probe, which is also examining related-party transactions.
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