The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Gaotu Techedu Inc. F/K/A Gsx Techedu Inc. (NYSE: GOTU) who purchased American depository shares between March 5, 2021 and July 23, 2021. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
(1) China was barring tutoring for profit in core school subjects, and this policy change would restrict foreign investment in a sector that had become essential to success in Chinese school exams; and (2) the impact such regulations would have on Gaotu’s operations and profitability and the value of Company securities.
Shareholders have until February 28, 2023 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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