New Oriental Education and Technology Group, Inc. Company News: Berger Montague Investigates Securities Fraud Allegations Against New Oriental Education and Technology Group, Inc. (NYSE: EDU); Lead Plaintiff Deadline is April 5, 2022
PHILADELPHIA, February 16, 2022 – Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of New Oriental Education and Technology Group, Inc. (“New Oriental” or the “Company”) (NYSE: EDU) between April 24, 2018, and July 22, 2022 (the “Class Period”).
If you purchased New Oriental securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/new-oriental-education-and-technology-group/.
Whistleblowers: Anyone with non-public information regarding New Oriental is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed lawsuit, Beijing-based education company New Oriental misled investors about its compliance with all applicable government policies, laws, and regulations related to the Chinese tutoring industry.
In fact, the suit alleges that New Oriental engaged in deceptive marketing tactics and abusive business practices, engaged in misleading and fraudulent advertising practices, and falsified teacher qualifications and experience.
On July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies such as New Oriental from making profits, raising capital, or going public. On this news, the price of New Oriental’s ADSs plummeted from $6.40 on July 22, 2021 to $1.94 on July 26, 2021, a decline of 70%.