San Diego, California--(Newsfile Corp. - February 5, 2022) - Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of New Oriental Education & Technology Group Inc. ("New Oriental Education " or the "Company") (NYSE: EDU) American Depository Shares ("ADSs") between April 24, 2018 and July 22, 2021, both dates inclusive (the "Class Period"). To serve as lead plaintiff in this class action, you must move the Court no later than April 5, 2022.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number. Additionally, you can:
To join this action, you can go to:
https://www.cognitoforms.com/JohnsonFistel/NewOrientalEducationTechnologyGroupInc
or [Click here to join this action]. There is no cost or obligation to you.
According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) New Oriental Education's revenue and operational growth was the result of deceptive marketing tactics and abusive business practices that flouted Chinese regulations and policies and exposed New Oriental Education to an extreme risk that more draconian measures would be imposed on New Oriental Education; (ii) New Oriental Education had engaged in misleading and fraudulent advertising practices, including the provision of false and misleading discount information designed to obfuscate the true cost of New Oriental Education's programs to its customers; (iii) New Oriental Education had falsified teacher qualifications and experience to increase student enrollments; (iv) New Oriental Education had defied prior government warnings against linking school enrollments with the provision of private tutoring services; (v) as a result, New Oriental Education was subject to an extreme undisclosed risk of adverse enforcement actions, regulatory fines and penalties, and the imposition of new rules and regulations adverse to New Oriental Education's business and interests; (vi) the new rules, regulations, and policies to be implemented by the Chinese government following the Two Sessions parliamentary meetings were far more severe than represented to investors by defendants and in fact posed an existential threat to New Oriental Education and its business; and (vii) consequently, defendants' positive statements about New Oriental Education's business, operations, and prospects were materially misleading and lacked a reasonable factual basis.
A lead plaintiff will act on behalf of all other class members in directing the New Oriental Education class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the New Oriental Education class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
To join this action, you can go to:
https://www.cognitoforms.com/JohnsonFistel/NewOrientalEducationTechnologyGroupInc
or [Click here to join this action]. There is no cost or obligation to you.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112917
