NEW YORK, June 24, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company") concerning the possible violations of federal and/or state securities laws.
On March 23, 2018, Sunlands completed its Initial Public Offering ("IPO"), issuing 13 million American Depositary Receipts ("ADRs") priced at $11.50 per share.
On May 28, 2019, Sunlands announced its financial and operating results for the first quarter of 2019, which included a net loss of $16.8 million, and advised investors that the Company's "new student enrollments declined, and gross billings were down 28.6% year-over-year."
Following this news, Sunlands' ADR price fell $0.19 per share, or 6.46%, to close at $2.75 per share on May 29, 2019, representing a total decline of $8.75 per share, or 76.09%, from the IPO price of $11.50 per share in March 2018.
If you purchased and incurred losses in shares of Sunlands Technology Group, please call Gregory Stone at (800) 575-0735 or (212) 545-4774, or email to gstone@whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP 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 investigation or have any questions regarding your rights and interests in this matter, 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.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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