By:
New York, New York–(Newsfile Corp. – October 7, 2023) – Pomerantz LLP is investigating claims on behalf of investors of VNET Group, Inc. (“VNET” or the “Company”) NASDAQ: VNET. Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether VNET and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 15, 2023, VNET disclosed that its 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. The Company claimed that the Class D ordinary shares “will have the same rights as the Company’s existing Class B ordinary shares except for voting rights, and holders of Class D ordinary shares shall be entitled to 500 votes per share on all matters submitted to shareholder vote.” Additionally, the Company stated that the “issuance of the newly created Class D ordinary shares is an initiative by the Board to protect the Company’s interests and continued stability.”
On this news, the Company’s stock price fell $0.10 per share, or 1.99%, to close at $4.92 per share on February 15, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183294
