Alibaba says SEC probing its accounting practices
The company, which famously sold \\$1 billion worth of goods in eight minutes during China's Single's Day holiday, disclosed in a filing with the SEC that the agency is looking into its accounting practices. The probe is focused on the company's policies and practices, including how it reports operating data from Single's Day, which is unique to China and is sort of an anti-Valentine's Day.
Alibaba is cooperating with the investigation and voluntarily disclosing information to the agency, according to the filing. "The SEC advised us that the initiation of a request for information should not be construed as an indication by the SEC or its staff that any violation of the federal securities laws has occurred," the filing said. "This matter is ongoing, and, as with any regulatory proceeding, we cannot predict when it will be concluded."
A spokesman couldn't immediately be reached to provide further comment.