VNET is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) GenTao, which is owned by VNET, was experiencing financial difficulties and was at risk of defaulting on the facility agreement that VNET's co-founder, Josh Sheng Chen had entered into with Bold Ally; (2) as a result, there was a substantial likelihood that Bold Ally would acquire Sheng Chen’s significant ownership stake in VNET; (3) to restore Sheng Chen’s voting interest in VNET, the Company would issue newly created shares to Sheng Chen, diluting investors’ interest; (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you incurred a loss on VNET stocks purchased between April 8, 2022 and February 15, 2023, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Southern District of New York, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until February 26, 2024 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
Enter the following information for this class action case- the deadline is approaching.