VNET Group, Inc. Class Action Lawsuit - VNET

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.

In order to be eligible to join the VNET class action lawsuit, you must have incurred a loss on shares of VNET purchased during the class period listed above.

If you suffered a loss in VNET during the relevant time frame or pursuant to the relevant offering(s), you have until February 26, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.