NASDAQ: VNET

VNET Group, Inc.

Rosen Law Firm, a global investor rights law firm, announces that it is investigating potential securities claims on behalf of shareholders of VNET Group, Inc. (NASDAQ: VNET) resulting from allegations that VNET may have issued materially misleading business information to the investing public.

If you purchased VNET securities and would like to join the prospective action, please click “Join This Class Action.”

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Details of investigation:

On February 15, 2023, VNET issued a press release announcing “its board of directors (the “Board”) approved and authorized the issuance of up to 555,000 newly created Class D ordinary shares to Mr. Sheng Chen, the Executive Chairman of the Board. 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.” In addition, the press release stated 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 price of VNET’s American Depository Shares (“ADS”) fell $0.14 per ADS, or 2.85%, to close at $4.78 on February 16, 2023.

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Company Name: VNET Group, Inc.
Stock Symbol: VNET
Class Period: N/A
Court: N/A
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