Alibaba Group Holding Limited investors who purchased or acquired securities between June 26, 2025 and June 24, 2026 have until Oct. 5, 2026 to seek appointment as lead plaintiff in a securities fraud class action pending in the Southern District of New York. The suit alleges Alibaba and certain executive officers made materially false or misleading statements and omissions by failing to disclose that, under the National Defense Authorization Act, entities directly or indirectly controlled by or affiliated with China’s Ministry of Industry and Information Technology could be treated as Chinese military companies, that Alibaba was directly or indirectly controlled by or affiliated with the MIIT, and that the risk of distillation attacks against third-party AI models was ongoing. The alleged corrective disclosures came in stages. The U.S. Department of Defense added Alibaba to its updated list of Chinese military companies on June 8, 2026, after which Alibaba ADSs fell $4.69, or 3.9%, over two trading sessions to close at $115.38 on June 10. On June 24, 2026, Bloomberg reported that Anthropic accused Alibaba of using thousands of fraudulent accounts to access Claude and systematically use leading U.S. model outputs for adversarial distillation, sending Alibaba ADSs down $2.80, or 2.7%, to $99.80 that day and a further $4.73, or 4.7%, to $95.07 on June 25. Kirby McInerney LLP said courts do not consider lead-plaintiff applications filed after the deadline and that the lead plaintiff can influence litigation strategy and settlement decisions.