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Alibaba Group Holding Ltd BABA shares are volatile on Monday following delisting developments.
Alibaba on Monday announced that it was placed on a delisting watchlist by United States authorities. The e-commerce giant has been added to an SEC list consisting of companies at risk of being delisted for not meeting auditing requirements.
“Alibaba will continue to monitor market developments, comply with applicable laws and regulations and strive to maintain its listing status on both the NYSE and the Hong Kong Stock Exchange,” the company said in a statement to the Hong Kong stock exchange.
The Holding Foreign Companies Accountable Act aims to remove foreign companies from U.S. exchanges if a given company fails to comply with auditing standards for three years in a row. After being placed on delisting watch, Alibaba noted that this year will be the firm’s first “non-inspection” year.
Related Link: Will Alibaba Be Delisted From NYSE? Here’s What The Firm Says
BofA Securities analyst Eddie Leung maintained Alibaba with a Buy rating and lowered the price target from $162 to $155.
Alibaba is set to announce its fiscal first-quarter financial results before the market opens on Aug. 4.
BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $73.28.
The stock was down 0.15% at $89.25 at press time, according to data from Benzinga Pro.
Photo: courtesy of Alibaba.
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Image and article originally from www.benzinga.com. Read the original article here.