SAN FRANCISCO, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges New Oriental Education & Technology Group Inc. (NYSE: EDU) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Class Period: Apr. 24, 2018 – July 22, 2021
Lead Plaintiff Deadline: Apr. 5, 2022
Visit: www.hbsslaw.com/investor-fraud/EDU
Contact An Attorney Now:
EDU@hbsslaw.com
844-916-0895
New Oriental Education & Technology Group Inc. (EDU) Securities Class Action:
The lawsuit focuses on EDU’s and senior management’s statements assuring investors about the legitimacy of EDU’s revenues and business practices.
According to the complaint, defendants made false and misleading statements and/or failed to disclose that: (1) EDU’s revenue and operational growth was the result of deceptive marketing tactics and business practices that flouted PRC laws, regulations and policies; (2) EDU used misleading and fraudulent advertising, including provision of false and misleading discount information designed to obfuscate the true cost of EDU’s programs to customers, fake customer reviews to lure customers to EDU programs, misrepresentation of teacher qualifications and course qualities, and marketing of rigged promotional events; (3) EDU defied PRC policies designed to alleviate the burden on students and their families, including imposing hefty advances and recurring debt payments on enrollees; and (4) as a result, EDU was subject to an extreme risk of enforcement actions, regulatory fines and penalties, and the imposition of rules and regulations adverse to EDU’s business.
Beginning in Mar. 2021, news reports revealed the PRC held sessions aimed at more strictly regulating the online education industry to combat fee scams and market abuse by large players such as EDU, and PRC regulators ordered a large state broadcaster to remove TV commercials from EDU and fined EDU and others for faking teacher qualifications, exaggerating training effects, and faking user reviews. By July 23, 2021, the PRC banned companies that teach school curriculum from making profits, raising capital, or going public.
These events drove the price of EDU American Depositary Shares sharply lower.
“We’re focused on investors’ losses and proving defendants lied about EDU’s practices and the sustainability of its business,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in EDU and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding EDU should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email EDU@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
