ALERT: Lawsuit filed for Investors who SOLD shares of Sina Corporation (formerly NASDAQ: SINA)

An investor, who sold shares of Sina Corporation (formerly NASDAQ: SINA) in the merger between Seina Corporation and TuSimple Holdings, Inc, filed a lawsuit over alleged violations of Federal Securities Laws by Sina Corporation (formerly NASDAQ: SINA in connection with certain allegedly false and misleading statements made.

If you sold a significant amount of shares of Sina Corporation (formerly NASDAQ: SINA) between October 13, 2020 and March 22, 2021, you have certain options and for certain investors are short and strict deadlines running. Deadline: November 18, 2025. Sina Corporation (formerly NASDAQ: SINA) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Based in Beijing, China, Sina Corporation (formerly NASDAQ: SINA) is an Internet media company that provides region-specific news, information, entertainment, and financial content in China.

In 2018, Sina Corporation (formerly NASDAQ: SINA) made a strategic investment of $90 million in TuSimple Holdings, Inc. ("TuSimple"), an autonomous trucking company based in San Diego, California that was a privately held company at the time.

Prior to TuSimple's initial public offering ("IPO") on or about April 15, 2021, Sina held a stake of approximately 34 percent of TuSimple's ordinary shares.

However, Sina shareholders were largely unaware of the Company's investment in TuSimple and the value of this investment. Indeed, on April 30, 2019, Sina vaguely disclosed this investment to Sina shareholders in the Company's 2019 Annual Report on Form 20-F, filed with the SEC, which reported that Sina had acquired preference shares in a "private company, which primarily focuses on artificial intelligence of automobile."

On September 28, 2020, Sina Corporation (formerly NASDAQ: SINA) issued a press release entitled "Sina Enters into Definitive Agreement for 'Going Private' Transaction," announcing the take-private merger of Sina (the "Merger"), in an all-cash transaction valued at $43.30 per share. The proposed transaction implied a total equity value of the Company between "book value" and approximately $1.2 billion. During the extraordinary general meeting held on December 23, 2020, the Merger was authorized and approved by a shareholder vote.

The Merger closed on March 22, 2021.

According to the complaint the plaintiff alleges on behalf of sellers of Sina Corporation (formerly NASDAQ: SINA) common shares between October 13, 2020 and March 22, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 13, 2020 and March 22, 2021, the Defendants failed to disclose that the Defendants concealed the true value of the Company's investment in TuSimple at the time of the Merger, that 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 that as a result, the Defendants' statements about Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who SOLD shares of Sina Corporation (formerly NASDAQ: SINA) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.