LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased New Oriental Education & Technology Group Inc. (“New Oriental” or the “Company”) (NYSE: EDU) securities between September 27, 2016 and December 1, 2016, inclusive (the “Class Period”). New Oriental investors have until February 13, 2017 to file a lead plaintiff motion.
Investors suffering losses on their New Oriental investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
On December 2, 2016, Reuters issued an article alleging that New Oriental has been accused of conducting college application fraud. According to the article, several former and current New Oriental employees “told Reuters the firms have engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” The American International Recruitment Council (“AIRC”) issued a statement later that day announcing that it would conduct its own investigation in regards to the allegations put forth in the Reuters article. AIRC’s president-elect called the report “highly concerning.”
On this news, shares of New Oriental fell over 14% per share on December 2, 2016.
According to the complaint filed in this class action, during the Class Period, New Oriental made false and misleading statements and/or failed to disclose that: (1) New Oriental engaged in college application fraud; and (2) as a result, Defendants’ statements about New Oriental’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of New Oriental during the Class Period you may move the Court no later than February 13, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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