WELLINGTON, Fla., May 20, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) advises investors that purchased shares in GSX TECHEDU, INC. (NYSE: GSX) to contact the Firm to learn more about the alleged fraud and their rights if they have sustained damages.
The class action, ZEQIU WU v. GSX TECHEDU INC., et al., Case No.: 2:20-cv-04457, was filed in the US District Court for the District of New Jersey on behalf of shareholders who purchased GSX securities between June 6, 2019 and April 13, 2020, inclusive (the “Class Period”). PURCHASERS OF GSX ANYTIME AFTER JUNE 6, 2019 MAY CONTACT THE FIRM. The lawsuit seeks to recover damages against GSX and certain executives for alleged violations of federal securities laws.
It is alleged that GSX overstated its profitability, revenue, student enrollment figures, teacher qualifications, and teacher selection process. Then on April 14, 2020, Citron Research published a report highlighting additional allegations, including that GSX’s “2019 revenue was overstated by 70%” and stating that GSX is the “most blatant Chinese stock fraud since 2011.” On May 18, 2020, Muddy Waters Research published a report stating that GSX is a “massive loss-making business” and “is a near-total fraud.” Muddy Waters founder also stated that up to 90% of users could be fake.
If you purchased shares of GSX anytime after June 6, 2019 and would like to discuss the case and ongoing investigation, you may, without any cost, contact Anthony Barbuto, at (888) 715-2520 or via email at anthony@barjolaw.com; or Neil Rothstein via email at neil@barjowlaw.com.
BARJO follows the principles set forth in the case Berger v. Compaq, 257 F.3d 475 (5th Cir, 2001) which states “[c]lass action lawsuits are intended to serve as a vehicle for capable, committed advocates to pursue the goals of the class members through counsel, not for capable, committed counsel to pursue their own goals through the class members.” BARJO believes strongly that the choice of qualified Lead Plaintiff(s) can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com
