VNET - VNET DEADLINE ALERT: Bragar Eagel & Squire P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against VNET Group Inc. and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against VNET Group, Inc. ("VNET" or the "Company") (NASDAQ:VNET) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired VNET securities between April 8, 2022 and February 15, 2023, both dates inclusive (the "Class Period"). Investors have until February 26, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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 ...