SAN DIEGO, June 27, 2022 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers of First High-School Education Group Co., Ltd. (NYSE: FHS) American Depositary Shares (“ADSs”) in or traceable to First High-School Education’s March 2021 initial public offering (“IPO”) have until next Monday, July 11, 2021 to seek appointment in Dagan Investments LLC v. First High-School Education Group Co., Ltd., No. 22-cv-03831 (S.D.N.Y.). Filed by Robbins Geller, the First High-School Education class action lawsuit charges First High-School Education, certain of its top executives and directors, the IPO’s underwriters, and others with violations of the Securities Act of 1933.
If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:
https://www.rgrdlaw.com/cases-first-high-school-education-group-co-ltd-class-action-fhs.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: First High-School Education provides tutoring services and operates private high schools in Western China. In the week immediately prior to the IPO – from March 4, 2021 through March 11, 2021 – China held its annual “Two Sessions” parliamentary meetings, where the two main political bodies of China meet, discuss, and reveal plans for China’s policies involving the economy, military, trade, diplomacy, education, the environment, and other issues. Unbeknownst to investors until after the IPO, Chinese government leaders in attendance at the Two Sessions meetings had proposed – and ultimately adopted – stringent regulations governing the educational industry with material adverse repercussions for First High-School Education’s business, operations, and financial prospects.
Specifically, the First High-School Education class action lawsuit alleges that the IPO’s Registration Statement made inaccurate statements of material fact because defendants failed to disclose the following adverse facts that existed at the time of the IPO: (i) that 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 and posed a material adverse threat to First High-School Education and its business; (ii) that contemplated Chinese regulations and rules regarding private education were leading to a slowdown of government approval to open new educational facilities which would have a negative effect on First High-School Education’s enrollment and growth; and (iii) that, as a result, the Registration Statement’s representations regarding First High-School Education’s historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of First High-School Education at the time of the IPO, and were materially false and misleading and lacked a factual basis.
By May 10, 2022, First High-School Education ADSs closed below $1 per ADS – more than 90% below the price at which First High-School Education ADSs were sold to the investing public a little more than one year previously.
You can view a copy of the complaint by visiting the following link:
https://www.rgrdlaw.com/cases-first-high-school-education-group-co-ltd-class-action-fhs.html
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased First High-School Education ADSs in or traceable to the IPO to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
ABOUT ROBBINS GELLER: Robbins Geller is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
