The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of GSX Techedu Inc. (NYSE: GSX) who purchased shares between June 6, 2019 and April 13, 2020. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the GSX lawsuit alleges that (i) GSX overstated its profitability, revenue, student enrollment figures, teacher qualifications, and teacher selection process; (ii) the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until June 16, 2020 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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