San Diego, CA -- (SBWIRE) -- 11/09/2023 -- Certain directors of VNET Group, Inc are under investigation over potential breaches of fiduciary duties.

Investors who purchased shares of VNET Group, Inc. (NASDAQ: VNET) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain VNET Group, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

China based VNET Group, Inc., an investment holding company, provides hosting and related services in China. On February 15, 2023, VNET Group, Inc. announced that "its board of directors (the "Board") approved and authorized the issuance of up to 555,000 newly created Class D ordinary shares to Mr. Sheng Chen, the Executive Chairman of the Board. The Class D ordinary shares will have the same rights as the Company's existing Class B ordinary shares except for voting rights, and holders of Class D ordinary shares shall be entitled to 500 votes per share on all matters submitted to shareholder vote." In addition, the press release stated the "issuance of the newly created Class D ordinary shares is an initiative by the Board to protect the Company's interests and continued stability."

Shares of VNET Group, Inc. (NASDAQ: VNET) declined from $6.83 per share on January 20, 2023, to as low as $2.53 per share on May 25, 2023.

Those who are current investors in VNET Group, Inc. (NASDAQ: VNET) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.