Investigation announced for Investors in shares of VNET Group, Inc. (NASDAQ: VNET) Investor over potential Wrongdoing

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at VNET Group, Inc.

Investors who purchased shares of VNET Group, Inc. (NASDAQ: VNET) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain VNET Group, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

China based VNET Group, Inc., an investment holding company, provides hosting and related services in China. VNET Group, Inc. reported that its annual Total Revenue rose from over 6.18 billion CNY in 2021 to over 7.06 billion CNY in 2022, and that its Net Income of 500.09 million CNY in 2021 turned to a Net Loss of 775.95 million CNY in 2022.

On February 15, 2023, VNET Group, Inc. announced that "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."

Shares of VNET Group, Inc. (NASDAQ: VNET) declined from $6.83 per share on January 20, 2023, to as low as $2.53 per share on May 25, 2023.

Those who purchased shares of VNET Group, Inc. (NASDAQ: VNET) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.