Overview

A class action lawsuit has been filed against Sina Corporation (“Sina” or the “Company”) and certain of the Company’s former senior executive officers alleging violations of the federal securities laws. The Company’s ordinary shares traded on the Nasdaq Global Select Market under the ticker symbol “SINA.”

The Sina class action lawsuit was brought on behalf of all persons and entities who sold Sina ordinary shares, including those that sold into the Merger (defined below) and were damaged thereby, between October 13, 2020 and March 22, 2021, both dates inclusive, (the “Class Period”).

Sina, an internet media company delivering region-specific news, information, entertainment, and financial content in China, made a $90 million strategic investment in TuSimple Holdings, Inc., a San Diego–based autonomous trucking company, in 2018. By TuSimple’s April 2021 IPO, Sina had acquired a 34% stake in TuSimple’s ordinary shares. However, Sina shareholders were not adequately informed of the true value of this investment, which the Company only vaguely disclosed in its 2019 annual report as an interest in a “private company focused on artificial intelligence of automobile.”

On September 28, 2020, Sina and a Buyer Group led by Defendant Chao announced a definitive “going private” transaction under which shareholders would receive $43.30 per share in cash. Although this transaction implied an equity value of approximately $1.2 billion, TuSimple was at that time raising funds at valuations between $2.2 and $2.5 billion and preparing for an IPO valuing the company at approximately $7 billion.

To secure shareholder approval, Defendants issued a series of Proxy statements that were materially false and misleading because they omitted TuSimple’s ongoing fundraising activities and anticipated IPO valuation. Shareholders approved the merger at an extraordinary general meeting on December 23, 2020, and the deal closed on March 22, 2021.

The lawsuit alleges that Defendants executed a scheme to depress the value of Sina’s ordinary shares by concealing material information about TuSimple’s true value, thereby misleading shareholders into accepting consideration far below fair market value and causing significant financial harm.

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If you sold Sina ordinary shares, including those that sold into the Merger and were damaged thereby, between October 13, 2020, and March 22, 2021, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as lead plaintiff in the Sina class action lawsuit is November 18, 2025.