VNET - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Estee VNET and Assertio and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Estee Lauder Companies Inc. (NYSE:EL), VNET Group, Inc. (NASDAQ:VNET), and Assertio Holdings, Inc. (NASDAQ:ASRT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Estee Lauder Companies Inc. (NYSE:EL)
Class Period: August 18, 2022 - May 2, 2023 (Common Stock Only)
Lead Plaintiff Deadline: February 5, 2024
The filed complaint alleges that defendants misled investors with unrealistic and materially false statements about market demand Estee's products and its inventory levels. These statements concealed the truth about Estee's weakness in the market until, on May 3, 2023, Estee announced weaker sales and profit for the year than estimated and accordingly cut its fiscal year outlook for a third consecutive time.
As a result, the price of Estee stock declined from $245.22 per share on May 2, 2023 to $202.70 per share on May 3, 2023.
For more information on the Estee class action go to: https://bespc.com/cases/EL
VNET Group, Inc. (NASDAQ:VNET)
Class Period: April 8, 2022 - February 15, 2023
Lead Plaintiff Deadline: February 26, 2024
As of February 28, 2022, the Company's co-founder, Defendant Josh Sheng Chen, beneficially owned approximately 78.52 million VNET shares individually and through his sole ownership of certain companies, including GenTao Capital Limited ("GenTao") and Sunrise Corporate Holding Ltd. ("Sunrise"). On August 19, 2021, he and his companies entered into a $50.25 million margin loan facility with Bold Ally (Cayman) Limited ("Bold Ally"), pledging all of his shares of GenTao, Sunrise, and Beacon Capital Group Inc. as collateral, thus effectively pledging a significant percentage of his VNET shares as collateral (the "Facility Agreement").
On February 13, 2023, before the market opened, Bold Ally announced it would exercise its rights under the Facility Agreement following a default by GenTao and was entitled to 48,515,634 Class A ordinary shares (in the form of 8,085,939 American depositary shares, or "ADSs" or "shares") and 27,757,992 Class B ordinary shares of the Company.
On this news, the Company's share price fell $0.20, or 3.2% on February 13, 2023, on unusually heavy trading volume. The Company's share price continued to decline by $1.09, or 17.8%, ...