Baosheng Media Group Holdings Ltd. is embroiled in a legal dispute after a director was served with a complaint by three institutional investors. Filed in the Beijing Fourth Intermediate People's Court, the lawsuit accuses the director and four other defendants of corporate mismanagement that allegedly led to a significant drop in the company's stock value, resulting in substantial losses for the plaintiffs. The investors are seeking damages amounting to RMB 47,249,848, equivalent to approximately US$6.59 million. The defendants have engaged legal counsel to prepare their defense in this matter.
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