LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of VNET Group, Inc. (“VNET” or the “Company”) (NASDAQ: VNET) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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 share price fell, thereby injuring investors.
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If you purchased VNET securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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