The Gross Law Firm issues the following notice to shareholders of VNET Group, Inc.
Shareholders who purchased shares of VNET during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
CLASS PERIOD: April 8, 2022 to February 15, 2023
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued 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
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued 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
DEADLINE: February 26, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/vnet-group-inc-loss-submission-form/?id=67879&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of VNET during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is February 26, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes
Prior results do not guarantee similar outcomes
CONTACT:The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email: [email protected]Phone: (646) 453-8903
SOURCE The Gross Law Firm
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