On or around 12/17/2020 (Date of order of distribution of settlement)
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.
The parties entered into a Stipulation of Settlement on April 6, 2018. The Court issued an Order preliminarily approving the Settlement on May 18. On May 21, the Court issued an amended Order preliminarily approving the Settlement. On November 9, the Court granted final approval of the Settlement and entered Final Judgment. On December 17, 2020, the Court issued an Order granting disbursement of the Settlement funds.
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