Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Sunlands Technology Group


BENSALEM, Pa., Aug. 19, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming August 26, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Sunlands Technology Group  (“Sunlands Technology” or the “Company”) (NYSE: STG) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Sunlands Technology’s March 2018 initial public stock offering (the “IPO” or the “Offering”). 

Investors suffering losses on their Sunlands Technology investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On March 23, 2018, the Company completed its Initial Public Offering, issuing 13 million shares at $11.50 per share.

On May 28, 2019, the Company disclosed that new student enrollments declined during first quarter 2019 and gross billings fell 28.6% year-over-year due to “softer marketing tactics and expanded trial programs.”

Since the IPO, shares of Sunlands Technology have traded as low as $2.28 per ADS, a loss of more than 80% from the $11.50 IPO price.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Sunlands Technology’s student enrollment was declining; (2) Sunlands Technology’s gross billings were declining; (3) Sunlands Technology’s marketing tactics were not as robust as described in the Registration Statement; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased shares of Sunlands Technology during the Class Period you may move the Court no later than August 26, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com