Kessler Topaz Meltzer & Check, LLP Announces Investor Securities Fraud Class Action Lawsuit Filed Against New Oriental Education & Technology Group Inc. (EDU)
RADNOR, Pa., March 8, 2022 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against New Oriental Education & Technology Group Inc. ("New Oriental") (NYSE: EDU). The action charges New Oriental with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of New Oriental's materially misleading statements to the public, New Oriental investors have suffered significant losses.
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
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LEAD PLAINTIFF DEADLINE: April 5, 2022
CLASS PERIOD: April 24, 2018 through July 22, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Email at [email protected]
NEW ORIENTAL'S ALLEGED MISCONDUCT
New Oriental provides educational programs, services and products to students across the People's Republic of China ("China") and delivers online courses through its online learning platforms.
On June 1, 2021, Chinese regulators announced they had fined 15 off-campus training institutions, including New Oriental, for illegal activities such as false advertising and fraud. Among the violations were reportedly fabricating teacher qualifications, exaggerating the effects of training, and fabricating user reviews. Following this news, the price of New Oriental American Depository Shares ("ADSs") dropped from $11.09 on June 1, 2021, to $9.32 on June 3, 2021, a 16% decline over the two-day period.
Then, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making profits, raising capital or going public. This drastic measure effectively ended any potential growth in the for-profit tutoring sector in China. Following this news, the price of New Oriental ADSs fell from $6.40 on July 22, 2021 to just $1.94 by market close on July 26, 2021, a nearly 70% decline.
WHAT CAN I DO?
New Oriental investors may, no later than April 5, 2022 seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages New Oriental investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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