The billionaire founder and CEO of Chinese online commerce firm JD.com (JD - Get Report) had been arrested on suspicion of rape Friday, before his release by Minneapolis police over the weekend, according to a published report.
Liu Qiangdong, also known as Richard Liu, was detained Friday evening following a complaint by a female student from China, The Wall Street Journal reported, citing Minneapolis police.
No charges were filed in the case, though the investigation is ongoing.
American Depositary Receipts of JD.Com fell $1.87, or 6%,to $29.43 Tuesday.
Liu's attorneys in Minneapolis, Earl Gray and Joseph Friedberg, told the paper they don't have specific knowledge of the complaint against Liu, but said their client is innocent. Gray said he and Friedberg would represent Liu in the unlikely event charges are filed.
JD.com is an e-commerce website that is based in Beijing. On Tuesday, Sept. 4, Liu was reportedly back to work at the headquarters.
Liu had been attending a residency program at the University of Minnesota.
In an email to TheStreet JD.com said, "We were informed that our CEO Richard Qiangdong Liu was taken into custody by Minneapolis police on August 31, 2018. He has been released without any charges, and without requirement for bail. Mr. Liu has returned to work in China."