JD.com shares dropped 7.47% after Reuters published the content of WeChat posts allegedly sent by the woman accusing CEO Richard Liu of rape.
The JD.com founder and chief executive was arrested in Minnesota earlier this month on rape allegations, however, he was released without charge as police continue to investigate the case.
The Reuters report featured the text from WeChat messages between the woman, a 21-year-old University of Minnesota student and a friend. The incident is alleged to have happened after a dinner party hosted by Liu at a Japanese restaurant in Minneapolis.
The messages, which were written in Chinese, stated Liu had forced the woman to have sex with him, she claimed “I was not willing” and that she would “think of a way to escape”, as she begged the friend not to call the police.
The messages also reportedly said of Liu, “He will suppress it,” and “You underestimate his power.”
According to the report, the text messages have been verified by one of the woman’s lawyers.
Liu continues to maintain his innocence and has said he will cooperate fully with the investigation. Last week it was reported the case has been handed to prosecutors who will determine whether to press charges against the Chinese billionaire.
JD.com shares dropped more than 7% following the latest report and have lost nearly half of their value since early June. The share declines have coincided with this case, earlier this month stocks reached a 19-month low in the US, as it emerged several law firms were considering class action lawsuits on behalf of JD.com shareholders.
JD.com’s shares have fallen 39% over the past 12 months.