NEW YORK, July 01, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors who purchased or otherwise acquired American Depositary Receipts (“ADRs”) of Tarena International, Inc. (“Tarena” or the “Company”) (NASDAQ: TEDU) securities between August 16, 2016 and November 1, 2019, inclusive (the “Class Period”).
All investors who purchased the ADRs of Tarena International, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADRs of Tarena International, Inc., you may, no later than August 23, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADRs of Tarena International, Inc.
PLEASE CLICK HERE TO JOIN CASE
On April 30, 2019, Tarena revealed that it could not timely file its fiscal 2018 annual report due to an ongoing “review of certain issues identified during the course of the audit of the registrant’s financial statements for the year ended December 31, 2018, including issues related to the registrant's revenue recognition.” Tarena’s American Depositary Receipts (“ADRs”) price fell 1.2%, to close at $5.02 per ADR on May 1, 2019, thereby damaging investors.
On May 17, 2019, the Company disclosed that it was notified that it was not in compliance with NASDAQ listing rules due to the failure to timely file its 2018 annual report. Tarena’s ADRs fell 4.8%, to close at $3.73 per ADR on May 20, 2019, thereby damaging investors.
On July 24, 2019, Tarena disclosed that it expected that fiscal 2017 and prior periods “may need to be restated and should not be relied upon, pending the completion of the Independent Audit Committee Review.” Tarena’s ADRs fell 4.7%, to close at $1.63 per ADR on July 25, 2019, thereby damaging investors.
Finally, on November 1, 2019, Tarena announced the results of its investigation, including a list of revenue inaccuracies for fiscal years 2014 through 2018, expense inaccuracies and irregularities, and undisclosed related party transactions. Tarena further disclosed that it “anticipates that the total amount of revenue misstatement between fiscal years 2014 through 2018 to be less than RMB900 million, representing approximately 11.5% of the total revenue previously reported by the Company for such period.”
On this news, Tarena’s ADRs dropped 9.4%, to open on November 4, 2019, the next trading day, at $0.76 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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