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>> Chinese e-commerce giant Alibaba struggling with fakes on its platform now facing a challenge on its accounting. The company disclosing that it's under investigation by the US Securities and Exchange Commission looking into whether Alibaba's accounting practices violated any federal laws. The company stock dropped about 7% on the news.
It's been trading below its 2014 IPO price as concerns mount over China's economic growth slowing. Yahoo, which owns a large stake in Alibaba also fell over 5%. Reuters San Francisco Bureau Chief Peter Henderson.>> The SEC is asking questions about accounting and ownership that have long dogged Alibaba.
Certainly investors were unnerved by the investigation. I think it's the second worst trading day ever for Alibaba shares to date.>> The SEC is focusing on Alibaba's logistics affiliate, called as well as operating data from its annual singles day shopping festival in November, which eclipses the combined sales of Black Friday and Cyber Monday in the US.
Some in the industry have questioned whether the sales on singles day could be overstated. Alibaba says that it's cooperating with the SEC investigation.