NEW YORK, Dec. 23, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against New Oriental Education & Technology Group Inc. ("New Oriental"
or the "Company") (NYSE: EDU) and certain of its officers. The class action, filed in United States District
Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired New Oriental American Depositary Receipts ("ADRs") between September 27,
2016 and December 1, 2016, both dates inclusive (the "Class Period"), seeking to recover
compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased New Oriental ADRs during the Class Period, you have until February 13, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S.
Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing
address, telephone number, and number of shares purchased.
[Click here to
join this class action]
New Oriental is a Cayman Islands corporation headquartered in Beijing, People's Republic of China ("PRC"). New Oriental provides private educational services under the
New Oriental brand in the PRC.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well
as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to disclose that: (1) New Oriental engaged in college
application fraud; and (2) as a result, defendants' statements about New Oriental's business, operations and prospects were
materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 2, 2016, Reuters published a report detailing allegations of academic fraud at the
company. Specifically, Reuters reported that eight former and current New Oriental employees informed Reuters that New Oriental
"engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high
school transcripts."
On that same day, Reuters reported that the American International Recruitment Council, which certifies agencies that recruit
foreign students on behalf of U.S. colleges, will investigate the company in response to the Reuters report.
On this news, shares of the Company fell $6.99 per share or over 14% from its previous closing
price to close at $42.00 per share on December 2, 2016, damaging
investors.
The Pomerantz Firm, with offices in New York, Chicago,
Florida, and Los Angeles, is acknowledged as one of the premier
firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham
L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class
actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights
of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP