NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against New Oriental Education & Technology Group, Inc. (“New Oriental” or the “Company”) (NYSE: EDU) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired New Oriental securities between April 24, 2018 and July 22, 2021, both dates included, (the “Class Period”). Investors have until April 5, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The Complaint alleges that the Defendants made materially false and misleading statements because they misrepresented and failed to disclose adverse facts about New Oriental’s business, operations and prospects, which were known to defendants or recklessly disregarded by them, as follows: (a) that New Oriental’s revenue and operational growth was the result of deceptive marketing tactics and abusive business practices that flouted Chinese regulations and policies and exposed the Company to an extreme risk that more draconian measures would be imposed on the Company; (b) that New Oriental had engaged in misleading and fraudulent advertising practices, including the provision of false and misleading discount information designed to obfuscate the true cost of the Company's programs to its customers; (c) that New Oriental had falsified teacher qualifications and experience in order to attract customers and increase student enrollments; (d) that New Oriental had defied prior government warnings against linking school enrollments with the provision of private tutoring services; (e) that, as a result of the foregoing, New Oriental 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 the Company's business and interests; (f) that 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 the Company and its business; and (g) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and lacked a reasonable factual basis. Additionally, as defendants knew or recklessly disregarded, New Oriental's annual reports misleadingly failed to include information required by SEC rules and regulations.
If you purchased or otherwise acquired New Oriental shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
