Kessler Topaz Meltzer & Check, LLP Announces Investor Securities Fraud Class Action Lawsuit Against New Oriental Education & Technology Group Inc. (EDU) |
RADNOR, Pa., March 8, 2022 /PRNewswire/ — The law firm Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) advises investors that a class action securities lawsuit has been filed against New Oriental Education & Technology Group Inc. ( “New Oriental”) (NYSE: EDU). The suit accuses New Oriental of violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and outlook. As a result of New Oriental’s materially misleading statements to the public, New Oriental investors suffered significant losses.
Kessler Topaz is one of the world’s foremost advocates for protecting the public from corporate fraud and other wrongdoing. Our securities fraud litigants are consistently individually recognized as leaders in the field and our firm is both feared and respected within the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the categories of shareholders we represent.
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PRINCIPAL APPLICANT DEADLINE: April 5, 2022
COURSE PERIOD: April 24, 2018 by July 22, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or by email at [email protected]
NEW ORIENTAL’S ALLEGED MISCONDUCT
New Oriental provides educational programs, services and products to students through the People’s Republic of China (“China“) and offers online courses through its e-learning platforms.
At June 1, 2021, Chinese regulators announced they had fined 15 off-campus educational institutions, including New Oriental, for illegal activities such as false advertising and fraud. Among the violations would be fabricating teacher qualifications, exaggerating the effects of training, and fabricating user reviews. Following this news, the price of New Oriental American Depository Shares (“ADSs”) rose from $11.09 to June 1, 2021for $9.32 to June 3, 2021a drop of 16% over the two-day period.
Then, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, barring companies that teach the school curriculum from making a profit, raising capital or going public. This drastic measure effectively ended any potential growth of the for-profit tutoring industry by China. Following this news, the price of New Oriental ADS rose from $6.40 to July 22, 2021 for just $1.94 near the market July 26, 2021down nearly 70%.
WHAT CAN I DO?
New Oriental investors can not later than April 5, 2022 seek to be named as the lead class representative plaintiff through Kessler Topaz Meltzer & Check, LLP or another attorney, or may choose to do nothing and remain an absentee class member. Kessler Topaz Meltzer & Check, LLP encourages new Oriental investors who have suffered significant losses to contact the firm directly for more information.
CLICK HERE TO REGISTER FOR THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the greatest financial interest and who are also adequate and typical of the category of investors proposed. The lead plaintiff chooses an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead or class attorneys. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP is filing class actions in state and federal courts nationwide and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, corporate and fiduciary misconduct and negligence. In the end, we were successful if the bad guys pay and you get your assets back. 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.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, Pennsylvania 19087
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