MONDAY DEADLINE: Berger Montague Advises VNET Group, Inc. (NASDAQ: VNET) Investors to Inquire About a Securities Fraud Class Action by February 26, 2024

PHILADELPHIA, Feb. 23, 2024

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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.

The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) GenTao Capital Limited ("GenTao") was experiencing financial difficulties and was at risk of defaulting on a $50.25 million margin loan facility agreement where Josh Sheng Chen pledged all of his shares in GenTao and certain companies as collateral to Bold Ally (Cayman) Limited ("Bold Ally"); (2) as a result, there was a substantial likelihood that Bold Ally would acquire Defendant Sheng Chen's significant ownership stake in VNET; and (3) to restore Defendant Sheng Chen's voting interest in VNET, the company would issue newly created shares to Defendant Sheng Chen, diluting investors' interest.

For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at jmaro@bm.net or (267) 637-3176, or Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015 or CLICK HERE.

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.