EDU Investors Have Opportunity to Lead New Oriental Education & Technology Group Inc. Securities Fraud Lawsuit
LOS ANGELES, March 4, 2022 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against New Oriental Education & Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU).
Class Period: April 24, 2018 – July 22, 2021
Lead Plaintiff Deadline: April 5, 2022
If you wish to serve as lead plaintiff of the New Oriental lawsuit, you can submit your contact information at www.glancylaw.com/cases/new-oriental-education-technology-group-inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) New Oriental's revenue and operational growth was the result of deceptive marketing tactics and abusive business practices that flouted Chinese regulations and policies and exposed New Oriental to an extreme risk that more draconian measures would be imposed on New Oriental; (2) New Oriental had engaged in misleading and fraudulent advertising practices, including the provision of false and misleading discount information designed to obfuscate the true cost of New Oriental's programs to its customers; (3) New Oriental had falsified teacher qualifications and experience to increase student enrollments; (4) New Oriental had defied prior government warnings against linking school enrollments with the provision of private tutoring services; (5) as a result, New Oriental was subject to an extreme undisclosed risk of adverse enforcement actions, regulatory fines and penalties, and the imposition of new rules and regulations adverse to New Oriental's business and interests; (6) the new rules, regulations, and policies to be implemented by the Chinese government following the Two Sessions parliamentary meetings were far more severe than represented to investors by defendants and in fact posed an existential threat to New Oriental and its business; and (7) as a result of the foregoing, Defendants' public statements were materially false and misleading at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Glancy Prongay & Murray LLP
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