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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of New Oriental Education & Technology Group Inc. (NYSE: EDU) who purchased shares between April 24, 2018 and July 22, 2021. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
(a) 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) 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) New Oriental had falsified teacher qualifications and experience in order to attract customers and increase student enrollments; (d) New Oriental had defied prior government warnings against linking school enrollments with the provision of private tutoring services; (e) 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; and (f) 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.
Shareholders have until April 5, 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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