NEW YORK, Jan. 11, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in New Oriental Education & Technology Group Inc. (“New Oriental” or the “Company”) (NYSE: EDU ) of the February 13, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased New Oriental American Depositary Shares (“ADSs”) between September 27, 2016 and December 1, 2016 (the “Class Period”). The case, CHAN v. NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. et al , No. 2:16-cv-09279 was filed on December 15, 2016, and has been assigned to Judge Katharine Sweeney Hayden.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) New Oriental engaged in college application fraud; and (2) as a result, New Oriental’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on December 2, 2016, Reuters published a report revealing allegations of academic fraud at the Company. The report revealed, among other things, that former and current Company employees exposed that New Oriental “engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” Later, on December 2, 2016, Reuters reported that the American International Recruitment Council, which certifies agencies that recruit foreign students on behalf of U.S. colleges, will investigate the Company in response to the report.
On this news, New Oriental’s share price fell from $48.99 per share on December 1, 2016 to a closing price of $42.00 on December 2, 2016 —a $6.99 or a 14.27% drop.
Request more information now by clicking here: www.faruqilaw.com/EDU . There is no cost or obligation to you.
Take Action
If you invested in New Oriental stock or options between September 27, 2016 and December 1, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/EDU . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding New Oriental’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
