Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of New Oriental Education & Technology Group Inc.
Law Offices of Howard G. Smith announces that it is investigating potential claims against New Oriental Education & Technology Group Inc. ("New Oriental Education” or the “Company”) (NYSE:EDU) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by New Oriental Education were false and misleading concerning the Company’s financial performance.
New Oriental Education provides private educational services primarily in China, including language training courses in English, German, Japanese, French, Spanish and other foreign languages.
The investigation concerns the Company’s July 17, 2012 disclosure that the U.S. Securities and Exchange Commission had issued a formal order of investigation concerning “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.” Following this news, the price of New Oriental Education American depositary receipts declined more than 30%, the biggest decline since the Company’s initial public offering in 2006.