Sina Corporation

Case Overview
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 11/18/2025 |
Status: | Status: Investigating |
Company Name: | Company Name: Sina Corporation |
Court: | Court: Southern District of New York |
Case Number: | Case Number: 1:25cv07820 |
Class Period: | Class Period: 10/13/2020 - 03/22/2021 |
Ticker: | Ticker: SINA |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission ("SEC") Rule 10b-5 promulgated thereunder on behalf of all persons and entities who sold Sina ordinary shares, including those that sold into the Merger (defined below), between October 13, 2020 and March 22, 2021, inclusive (the "Class Period"), and were damaged thereby (the "Class"). This action concerns Defendants' fraudulent scheme to depress the value of Sina ordinary shares to avoid paying a fair price to Sina's shareholders in connection with the Merger. Defendants executed this scheme by misrepresenting and/or omitting material information within and from Sina's proxy materials in connection with the Merger that were necessary for shareholders to make an informed decision concerning whether to vote in favor of the Merger.
Specifically, Defendants failed to disclose that: (1) Defendants concealed the true value of the Company's investment in TuSimple at the time of the Merger; (2) in turn, the offer of $43.30 per ordinary share as consideration for the Merger substantially shortchanged the true value of Sina ordinary shares; and (3) as a result, Defendants' statements about Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Contrary to Defendants' repeated assurances as to the fairness of the Merger for Sina shareholders, Defendants' fraudulent scheme was revealed during the discovery process of the Section 238 shareholder appraisal action related to the Merger. During discovery, dissenting shareholders obtained documents that showed that Defendants knowingly concealed the true value of Sina's investment in TuSimple at the time of the Merger. As a result, Sina shareholders were misled into accepting consideration for the Merger that was below fair value for their Sina ordinary shares. If you sold Sina ordinary shares during the Class Period and were damaged thereby, you are a member of the "Class" and may be able to seek appointment as lead plaintiff.