Robert A. Fumerton, Scott D. Musoff and Michael C. Griffin from Skadden, Arps, Slate, Meagher & Flom have stepped in to represent VNET Group, a Chinese internet and data center service provider, and its top officers in a pending securities class action. The complaint, filed Dec. 26 in New York Southern District Court by Glancy Prongay & Murray, accuses the defendants of failing to disclose that after co-founder Josh Sheng Chen's company GenTao Capital pledged shares of VNET to Bold Ally Ltd. and later defaulted on the loan, VNET planned to issue new shares to restore Chen's voting interest, thereby diluting other investors' interests. The case, assigned to U.S. District Judge Dale E. Ho, is 1:23-cv-11187, Semerak v. Vnet Group, Inc. et al.
Telecommunications
February 09, 2024, 9:11 AM