Case Page

 

Case Status:    ONGOING    
On or around 09/22/2016 (Ongoing date of last review)

Filing Date: September 12, 2014

According to the law firm press release, the lawsuit alleges that 21Vianet misrepresented its true financial performance. On September 10, 2014, Trinity Research Group issued a report asserting that 21Vianet has greatly exaggerated its financial performance. The report states, among others things, that: the Company overstated the number of cabinets in its IDC network by at least 14.5% and their utilization by at least 11.1 points; the Company claimed to be operating 72 data centers when in fact 31 of their outsourced data center partnerships have been terminated; the Managed Network Services business that the Company uses to make its acquisitions is run illegally; and the Company misrepresented the revenue of at least two of its acquired companies by 51% in its SEC filings as demonstrated by financial statements filed with Chinese authorities. When this adverse information entered the market, Vianet's stock price dropped, damaging investors.

On September 21, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on September 13, 2016.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: VNET
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Texas
DOCKET #: 14-CV-00894
JUDGE: Hon. Rodney Gilstrap
DATE FILED: 09/12/2014
CLASS PERIOD START: 04/21/2011
CLASS PERIOD END: 09/10/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Payne Mitchell Law Group, LLP
    2911 Turtle Creek Blvd., Suite 1400, Payne Mitchell Law Group, LLP, TX 75219
    214-252-1888 214-252-1889 ·
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: E.D. Texas
DOCKET #: 14-CV-00894
JUDGE: Hon. Rodney Gilstrap
DATE FILED: 09/13/2016
CLASS PERIOD START: 08/20/2013
CLASS PERIOD END: 08/16/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Watkins, Nichols, Sorrels, Agosto & Friend
    800 Commerce Street, Abraham, Watkins, Nichols, Sorrels, Agosto & Friend, TX 77002
    713-222-7211 713-225-0827 ·
  2. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
No Document Title Filing Date