NEW YORK, NY / ACCESSWIRE / February 12, 2024 / If you have suffered a loss on your VNET Group, Inc. (NASDAQ: VNET) and would like to learn more about a potential takeover under the federal securities laws, follow the link below for more information:
or contact Joseph E. Levi, Esq. by email at [email protected] or call (212) 363-7500 to speak with our team of experienced shareholder advocates.
THE TRIAL : A securities class action lawsuit has been filed against VNET Group, Inc. seeking to recover losses from shareholders who were harmed by alleged securities fraud between April 8, 2022 and February 15, 2023.
CASE DETAILS: The complaint filed alleges that the defendants made false statements and/or concealed that: (1) GenTao, which is owned by VNET, was experiencing financial difficulties and was in danger of defaulting on the facility contract that the co-founder of VNET's Josh Sheng Chen had concluded with Bold Ally; (2) as a result, there was a high probability that Bold Ally would acquire Sheng Chen's significant stake in VNET; (3) to restore Sheng Chen's voting rights in VNET, the Company would issue newly created shares to Sheng Chen, thereby diluting investors' interest; (4) As a result of the foregoing, Defendants' positive statements regarding the Company's business, operations and prospects were materially misleading and/or lacked a reasonable basis.
AND AFTER? If you have suffered a loss on VNET shares during the relevant period – even if you still hold your shares – go to to know your rights to seek compensation. There is no cost or obligation to participate.
WHY LÉVI & KORSINSKI: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally recognized securities litigation firm that has obtained hundreds of millions of dollars for injured shareholders and amassed a track record of victories in high-stakes cases. The firm has extensive expertise in representing investors in complex securities litigation and a team of more than 70 employees to serve our clients. For seven consecutive years, Levi & Korsinsky has been ranked in the ISS Securities Class Action Services Top 50 Report as one of the top securities litigation firms in the United States. Lawyer advertising. Previous results do not guarantee similar results.
SOURCE: Levi & Korsinsky, LLP
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