U.S. regulators have initiated an inquiry into Alibaba's accounting practices following its annual blockbuster sales day last year.

In a public filing, the Chinese e-commerce giant said that the U.S. Securities and Exchange Commission is currently looking into its operating data from Singles Day 2015. The one-day sales event was held on November 11, 2015. The company generated more than $14 billion in Gross Merchandise Volume during the event.

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Alibaba's shares took a tumble after news surfaced about the investigation. The SEC has extended its probe to accounting matters related to Alibaba's investment in Cainiao Network, a logistics firm. Investigators will also look into various aspects of related-party transactions.

"Earlier this year, the SEC informed us that it was initiating an investigation into whether there have been any violations of the federal securities laws," Alibaba said in a statement.

The is not the first time that Alibaba has been thrown into the center of an SEC investigation. In the past, the company has been probed for its sale of fake goods.

Critics have raised various questions about Alibaba's use of non-GAAP compliant accounting measures. The company does not also consolidate the results of some of its affiliates.

The e-commerce behemoth stated that it is cooperating with the SEC. Alibaba emphasized that the request for information does not amount to an indication of any violation of federal securities law. Alibaba is looking to bring more transparency into its affairs. The company also plans to introduce annual revenue guidance and new business margins along with cost structures.

Additionally, Alibaba is taking steps to contain the sale of counterfeit goods on the site. "We take very strong steps to eliminate counterfeits and stop brushing. We have a data security team, we use cloud compeering and data mining," the company spokesman Robert Christie said.

TagsAlibaba, SEC, Alibaba SEC investigation