NEW ORLEANS, Feb. 10, 2023 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilFebruary 28, 2023 to file lead plaintiff applications in a securities class action lawsuit against Gaotu Techedu Inc. f/k/a GSX Techedu Inc. (NYSE: GOTU, GSX), if they purchased the Company's American depository shares ("ADSs") between March 5, 2021 and July 23, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Eastern District of New York.
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Gaotu Techedu investors should visit us at https://claimsfiler.com/cases/nyse-gotu/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Gaotu and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 23, 2021, Media sources reported that China was prohibiting tutoring for profit in core school subjects in order to ease the financial burden on families, which would be likely to have a negative effect on China's substantial private tutoring industry.
On this news, ADSs of Gaotu fell 63.3% to close at $3.52 per ADS on July 23, 2021.
The case is Zhang v. Gaotu Techedu Inc. f/k/a GSX Techedu Inc., et al., No. 22-cv-07966.
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