VNET - VNET Group Inc. (NASDAQ: VNET) Securities Fraud: Contact Berger Montague To Discuss Your Rights | Benzinga

PHILADELPHIA, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Attention VNET Group, Inc. ("VNET") (NASDAQ:VNET) Investors: A securities fraud class action lawsuit has been filed against VNET on behalf of purchasers of VNET securities between April 8, 2022 and February 15, 2023, inclusive (the "Class Period").

CLICK HERE to learn more about the lawsuit.

Important deadline: Investors who purchased or acquired VNET securities during the Class Period may, no later than February 26, 2024, seek to be appointed as a lead plaintiff representative of the class.

VNET is a Beijing-based provider of private internet and data center services, such as hosting, cloud services, and virtual private networks. 

In August 2021, VNET's co-founder, Josh Sheng Chen, and his companies entered into a $50.25 million margin loan facility with Bold Ally (Cayman) Limited ("Bold Ally"), pledging all of his shares in GenTao Capital Limited ("GenTao") and certain companies as collateral (the "Facility Agreement"). Defendant Sheng Chen, GenTao, and their affiliates beneficially owned approximately 78.52 million VNET shares.

On February 13, 2023, before the market opened, Bold Ally announced it would exercise its ...

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