Investor alert: class action lawsuit against 21vianet group, inc.
announced by glancy binkow & goldberg llp
Los angeles--(business wire)--glancy binkow & goldberg llp announces that a class action lawsuit has been filed in the united states district court for the eastern district of texas on behalf of a class (the “class”) comprising purchasers of the american depositary shares of 21vianet group, inc. (“21vianet” or the “company”) (nasdaq:vnet) between april 21, 2011 and september 10, 2014, inclusive (the “class period”). please contact lesley portnoy at (888) 773-9224 or (310) 201-9150, or at shareholders@glancylaw.com to discuss this matter. if you inquire by email please include your mailing address, telephone number and number of shares purchased. 21vianet provides carrier-neutral internet data center services to internet companies, government entities, blue-chip enterprises and small- to mid-size enterprises in the people’s republic of china. the complaint alleges that: (1) the company overstated the number of cabinets in its internet data center network; (2) a significant portion of their outsourced data center partnerships have been terminated; (3) the company misrepresented the financials of its managed network entities; and (4), as a result of the foregoing, the company’s financial statements were materially false and misleading at all relevant times. on september 10, 2014, a report published by trinity research group alleged that the company’s financial performance, business prospects and true financial condition have been overstated. according the complaint, the trinity report asserted that the company “overstated the number of cabinets in its internet data center network by at least 14.5%” and that 31 of the company’s purported 60 partnered data centers “have been terminated,” and in filings made to china’s state administration for industry and commerce, the “reported revenue figure in the company’s registration statement was overstated by 51%.” following this news, on september 11, 2014, shares of 21vianet fell $4.60 per share, or nearly 23%, to close at $15.52 per share on september 11, 2014, on extremely heavy volume. if you are a member of the class described above, you may move the court no later than 60 days from september 12, 2014, to serve as lead plaintiff, if you meet certain legal requirements. to be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class. if you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact lesley portnoy, esquire, of glancy binkow & goldberg llp, 1925 century park east, suite 2100, los angeles, california 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. if you inquire by email, please include your mailing address, telephone number and number of shares purchased. this press release may be considered attorney advertising in some jurisdictions under the applicable law and ethical rules.
