The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of 17 Education & Technology Group Inc. (NASDAQ: YQ) who purchased securities pursuant and/or traceable to documents issued in connection with 17EdTech's December 2020 initial public offering. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the 17EdTech lawsuit alleges that (1) 17EdTech’s K-12 Academic AST Services would end less than a year after the Company’s initial public offering; (2) as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17EdTech’s core business; and (3) as a result, defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until September 19, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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