Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired VNET Group, Inc. (NASDAQ: VNET) securities.
If you suffered a loss on your VNET investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Apr 08 2022 - Feb 15 2023
CASE DETAILS: The filed complaint alleges that VNET Group, Inc. 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.
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