VNET Group Inc. agreed to pay almost $5.88 million to resolve investor allegations that the data center company covered up a controlling shareholder’s loan default and the default’s potential effect.
The US District Court for the Southern District of New York should certify a settlement class of those who acquired VNET American depositary shares from March 23, 2022, through Feb. 17, 2023, investors said while seeking preliminary approval of the deal April 3. US investors had adequately alleged statements about the debt agreement were misleading and the necessary level of intent by executives for securities fraud claims, Judge Dale E. …