NEW YORK, July 27, 2012 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a class action has been commenced on behalf of an investor in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of New Oriental Education & Technology Group, Inc. ("New Oriental Education" or the "Company") (NYSE:EDU) between July 21, 2009 and July 17, 2012, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
According to the Complaint, on July 17, 2012, New Oriental Education issued a press release disclosing that the Company had been informed on July 13, 2012 that the U.S. Securities and Exchange Commission (the "SEC") had issued a formal order of investigation captioned, "In the Matter of New Oriental Education & Technology Group Inc." The Company believes that the investigation concerns whether there is a sufficient basis for the consolidation of Beijing New Oriental Education & Technology (Group) Co., Ltd., a variable interest entity of the Company, and its wholly-owned subsidiaries, into the Company's consolidated financial statements. On this news, shares of the Company declined $7.64 per share, closing at $14.62 on July 17, 2012, on volume of over 4 million shares.
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased New Oriental Education shares between July 21, 2009 and July 17, 2012, you have certain rights, and have until September 21, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at tjmckenna@gaineyandmckenna.com.