Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises VNET Group, Inc. ("VNET" or the "Company") (NASDAQ: VNET) investors that a lawsuit was filed on behalf of investors that purchased VNET Group, Inc. securities between April 8, 2022 and February 15, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The legal action claims that the defendants either misrepresented or failed to disclose that: (1) GenTao, a subsidiary of VNET, was facing financial troubles and was on the verge of breaching the terms of the facility agreement entered into by VNET's co-founder, Josh Sheng Chen, with Bold Ally; (2) due to these circumstances, there was a significant chance that Bold Ally would seize a considerable share of ownership in VNET from Sheng Chen; (3) in an effort to reinstate Sheng Chen's voting rights within VNET, the company planned to issue new shares to him, which would dilute the equity of existing investors; (4) therefore, the optimistic representations made by the defendants regarding the company’s operational health, business strategies, and future growth opportunities were substantially misleading and lacked an adequate basis.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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