NEW YORK, Sept. 12, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces that it has filed a class action lawsuit on behalf of purchasers of 21Vianet Group, Inc. (Nasdaq:VNET) securities between April 21, 2011 and September 10, 2014, inclusive. The lawsuit seeks to recover damages for 21Vianet shareholders under the federal securities laws.
To join the 21Vianet class action, go to the website at http://rosenlegal.com/cases-353.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The suit filed by the firm is pending in U.S. District Court for the Eastern District of Texas.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, 21Vianet misrepresented its true financial performance. On September 10, 2014, Trinity Research Group issued a report asserting that 21Vianet has greatly exaggerated its financial performance. The report states, among others things, that: the Company overstated the number of cabinets in its IDC network by at least 14.5% and their utilization by at least 11.1 points; the Company claimed to be operating 72 data centers when in fact 31 of their outsourced data center partnerships have been terminated; the Managed Network Services business that the Company uses to make its acquisitions is run illegally; and the Company misrepresented the revenue of at least two of its acquired companies by 51% in its SEC filings as demonstrated by financial statements filed with Chinese authorities. When this adverse information entered the market, Vianet's stock price dropped, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 11, 2014. If you wish to join the litigation go to http://rosenlegal.com/cases-353.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com