Saxena White P.A. Files Securities Fraud Class Action Against Sina Corporation and Certain of Its Executives

Core Viewpoint - Saxena White P.A. has initiated a securities fraud class action lawsuit against Sina Corporation and certain executives, alleging misrepresentation and omission of material information that led to shareholders receiving less than fair value during a merger transaction [1][3][4]. Company Overview - Sina Corporation is an Internet media company based in Beijing, China, providing news, information, entertainment, and financial content [2]. - In 2018, Sina invested $90 million in TuSimple Holdings, Inc., holding approximately 34% of TuSimple's ordinary shares prior to its IPO [2]. Merger Details - On September 28, 2020, Sina announced a definitive agreement for a take-private merger valued at $43.30 per share, implying a total equity value between book value and approximately $1.2 billion [2]. - The merger was approved by shareholders on December 23, 2020, and closed on March 22, 2021, marking the end of the class period for the lawsuit [2]. Allegations of Fraud - The lawsuit claims that the defendants engaged in a fraudulent scheme to depress the value of Sina's ordinary shares, thereby avoiding a fair price for shareholders during the merger [3]. - Key allegations include the concealment of the true value of Sina's investment in TuSimple and misleading statements regarding the company's business and prospects [3][4]. Class Action Participation - Individuals who sold Sina ordinary shares during the class period and suffered damages may seek to be appointed as lead plaintiff in the class action [5]. - The deadline for filing a motion to be lead plaintiff is November 18, 2025, but class members can still share in any recovery without seeking lead plaintiff status [5].