LEAD PLAINTIFF DEADLINE IS APRIL 5, 2022
NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired the American Depositary Shares (“ADS’s”) of TAL Education Group (“TAL”) (NYSE: TAL) in the period April 26, 2018 through July 22, 2021, inclusive (the “Class Period”).
All investors who purchased the ADS’s of TAL Education Group and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADS’s of TAL Education Group, you may, no later than April 5, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADS’s of TAL Education Group.
PLEASE CLICK HERE TO JOIN CASE
On April 25, 2021, media reports revealed that the government officials of the City of Beijing had fined four online education agencies, including TAL, the maximum fine of 500,000 yuan each for misleading customers with false advertising. Specifically, regulators found that TAL’s VIE, Beijing Xueersi Education Technology Co., Ltd., had been misrepresenting the un-discounted costs of enrollment in its courses to consumers, thereby deceiving customers into paying full price for courses that they believed they were receiving at a discount. Following this news, the price of TAL ADS’s dropped from $53.14 on May 11, 2021, to $46.25 on May 13, 2021, a 13% decline over the two-day period.
Then, on June 1, 2021, Chinese regulators announced they had fined 15 off-campus training institutions, including TAL, for illegal activities such as false advertising and fraud. The offending companies, including TAL, were hit with maximum penalties for their illegal business practices, totaling a combined 36.5 million yuan ($5.73 million). Following this news, the price of TAL ADSs dropped from $40.51 on June 1, 2021, to $33.27 on June 3, 2021, nearly an 18% decline over the two-day period.
Finally, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making profits, raising capital or going public. This drastic measure effectively ended any potential growth in the for-profit tutoring sector in China. Following this news, the price of TAL ADSs fell from $20.52 on July 22, 2021, to just $4.40 on July 26, 2021, a nearly 79% decline.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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