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

BOCA RATON, Fla., Sept. 19, 2025 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit (the “Class Action”) in the United States District Court for the Southern District of New York against Sina Corporation (“Sina” or the “Company”) (formerly Nasdaq: SINA) and certain of its executive officers (collectively, “Defendants”). 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”). The Class Action filed by Saxena White is captioned Lu v. Sina Corp., No. 25-cv-7820 (S.D.N.Y.).

Based in Beijing, China, Sina is an Internet media company that provides region-specific news, information, entertainment, and financial content in China. In 2018, 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.”

Leading up to the Class Period, on September 28, 2020, 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. Thereafter, the Merger closed on March 22, 2021, the last day of the Class Period.

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. If you wish to apply to be lead plaintiff, a motion on your behalf must be filed with the U.S. District Court for the Southern District of New York no later than November 18, 2025. The lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in the Class Action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member.

You may contact David J. Schwartz (dschwartz@saxenawhite.com), Of Counsel at Saxena White P.A., to discuss your rights regarding the appointment of lead plaintiff or your interest in the Class Action. You also may retain counsel of your choice to represent you in the Class Action. You may obtain a copy of the Complaint and inquire about actively joining the Class Action at www.saxenawhite.com.

Saxena White P.A., with offices in Florida, New York, California, and Delaware, is a leading national law firm focused on prosecuting securities class actions and other complex litigation on behalf of injured investors. Currently serving as lead counsel in numerous securities class actions nationwide, Saxena White has recovered billions of dollars on behalf of injured investors.

CONTACT INFORMATION
David J. Schwartz, Esq.
dschwartz@saxenawhite.com
Saxena White P.A.
10 Bank Street, Suite 882
White Plains, New York 10606
Tel.: (914) 200-4311
www.saxenawhite.com

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