Vnet Group Inc.‘s $5.88 million settlement inched closer to resolving investor allegations that the data center company hid a controlling shareholder’s loan default and the default’s potential effect.
The settlement class includes those who acquired Vnet American depositary shares from March 23, 2022, to Feb. 17, 2023, Judge Dale E. Ho said, entering an order preliminarily certifying it and the deal Tuesday. If finally approved in the US District Court for the Southern District of New York, the accord would end claims Vnet knew but covered up founder Josh Sheng Chen defaulted on a loan agreement and that it ...