LOS ANGELES, CA / ACCESSWIRE / January 17, 2024 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against VNET Group, Inc. ("VNET" or "the Company") (NASDAQ:VNET) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between April 8, 2022 and February 15, 2023, inclusive (the "Class Period"), are encouraged to contact the firm before February 26, 2024.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. GenTao Capital Limited ("GenTao") was experiencing financial difficulties that created a substantial risk that its creditors would acquire its significant overship stake in VNET. The Company would issue newly created shares to GenTao owner Josh Sheng Chen, diluting the shares owned by investors. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about VNET, investors suffered damages.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]
SOURCE: The Schall Law Firm