21Vianet Group Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against 21Vianet Group, Inc. (“21Vianet” or “Company”) (NasdaqGS: VNET) and several officers and directors for acts taken during the period of April 21, 2011 to September 10, 2014 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of 21Vianet. If you are an affected 21Vianet shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose that: a) 21Vianet overstated the number of cabinets in its IDC network; b) a significant percentage of 21Vianet’s outsourced data center partnerships have not been terminated; c) 21Vianet’s financials of its Managed Network Entities was distorted; d) 21Vianet’s managed network services business that accounts for a large portion of its revenue is run illegally; and e) As a result of the above, 21Vianet’s financial statements were materially false and misleading at all relevant times. According to the complaint, when the truth came out, the stock plummeted.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Sorry. No data so far.