NEW YORK, Sept. 22, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Texas on behalf of purchasers of 21Vianet Group, Inc. ("21Vianet" or the "Company") (Nasdaq:VNET) securities during the period between April 21, 2011 and September 10, 2014, inclusive (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects, performance, and compliance with federal law. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose 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, research firm Trinity Research Group issued a 121-page report entitled "A Ponzi Scheme of Acquisitions: 21Vianet Group Exposed." Among other things, Trinity Research Group uncovered evidence that the Company misrepresented its IDC network assets and performance, misrepresented the financials of at least some if not all of its acquired companies, and derives substantial revenue from a business unit that is almost universally known as illicit in Chinese IDC circles.
21Vianet shares declines on this news, falling $1.76 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "21Vianet Investigation."
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