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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of October 31, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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May 21, 2018 - The court preliminarily approved the settlement.
April 9, 2018 - A stipulation of settlement was filed by the parties.
September 28, 2017 - The court denied defendants motion to dismiss.
November 14, 2016 - A motion to dismiss the amended complaint was filed.
September 13, 2016 - An amended complaint was filed.
September 12, 2014 - An investor in shares of 21Vianet Group Inc (NASDAQ: VNET) filed a lawsuit in the U.S. District Court for the Eastern District of Texas against 21Vianet Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 21, 2011 and September 10, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of 21Vianet Group Inc (NASDAQ: VNET) common shares between April 21, 2011 and September 10, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that 21Vianet Group Inc misrepresented its true financial performance. 21Vianet Group Inc reported that its annual Total Revenue rose from over $1.02 billion in 2011 to over $1.96 billion in 2013. Shares of 21Vianet Group Inc (NASDAQ: VNET) grew from $8.65 per share to as high as $31.96 per share in July, respectively $31.29 per share in August 2014.
Then on September 10, 2014, a report by Trinity Research Group was published that criticized 21Vianet Group Inc’s business practices. Specifically, the report alleged that 21Vianet Group Inc's Chinese operations are equivalent to a ponzi scheme. According to a Trinity Research September 2014 121-page report, there is “Overwhelming evidence that the company is committing accounting and securities fraud. The report stated that revenues were being overstated and 21Vianet Group Inc will likely be delisted from the NASDAQ market exchange Shares of 21Vianet Group Inc (NASDAQ: VNET) declined from $28 per share on September 8, 2014, to as low as $14.23 per share during September 10, 2014.
On September 12, 2014, 21Vianet Group Inc (NASDAQ: VNET) shares closed at $19.87 per share.