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home / articles / VNET - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against VNET Assertio and Cummins and Encourages Investors to Contact the Firm | Benzinga


VNET - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against VNET Assertio and Cummins and Encourages Investors to Contact the Firm | Benzinga

  • NEW YORK, Feb. 05, 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 VNET Group, Inc. (NASDAQ:VNET), Assertio Holdings, Inc. (NASDAQ:ASRT), and Cummins Inc. (NYSE:CMI). 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.

    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%, over the next consecutive trading session to close at $5.02 per share on February 14, 2023, on unusually heavy trading volume.

    Then, on February 15, 2023, before the market opened, VNET disclosed that the board of directors had approved and authorized the issuance of up to 555,000 newly created Class D ordinary shares to the Executive Chairman of the Board, and that these shares would be granted a 500-to-1 vote per share power. The Company stated this measure was required in order to "protect the Company's interests and continued stability."

    On this news, the Company's share price fell $0.10, or 2%, to close at $4.92 per share on February 15, 2023, on unusually heavy trading volume.

    According to the filed complaint, throughout the Class Period, Defendants made materially ...

    Full story available on Benzinga.com

  • Stock Information

    Company Name: VNET Group Inc.
    Stock Symbol: VNET
    Market: NASDAQ
    Website: ir.vnet.com

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