Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against GDS Holdings Limited
LOS ANGELES, Sept. 28, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the October 1, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased GDS Holdings Limited (“GDS” or the “Company”) (NASDAQ: GDS ) securities between November 2, 2016 and July 31, 2018, inclusive (the “Class Period”).
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On July 31, 2018, Blue Orca Capital published a report alleging that “GDS is borrowing crippling amounts of debt to enrich insiders by acquiring data centers from undisclosed related parties which are not nearly as valuable as the Company claims.” On this news, the Company’s share price fell $12.92, or more than 37%, to close at $21.83 per share on July 31, 2018, thereby injuring investors.
The complaint filed in this class action alleges that, Defendants made false and/or misleading statements and/or failed to disclose that: (1) GDS Holdings overstated the value of certain data centers it had acquired; (2) GDS Holdings failed to maintain adequate internal controls; and (3) as a result, defendants’ statements about GDS Holdings’ business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased shares GDS during the Class Period you may move the Court no later than October 1, 2018 to ask the Court to appoint you as lead. 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 GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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