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SAN FRANCISCO, Jan. 11, 2017 -- Hagens Berman Sobol Shapiro LLP reminds investors in New Oriental Education & Technology Group, Inc. (NYSE:EDU) of the securities class action lawsuit filed in the U.S. District Court for the District of New Jersey and the February 13, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of EDU between September 27, 2016 and December 1, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/EDU
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On December 2, 2016, Reuters reported that several current and former EDU employees disclosed that EDU “engaged in college application fraud such as writing application essays, writing teacher recommendations, and falsifying high school transcripts.” Reuters also reported that some applicants never saw their applications before EDU submitted them to universities. Reuters further reported that EDU subsidized costs for college admissions officers to travel to, meet with, and advise prospective students at Company events.
The American International Recruitment Council (“AIRC”), which has the power to decertify the Company’s college counseling division, said it will investigate the matter. In response to this news, the price of EDU shares fell over 14%.
On December 23, 2016, Reuters released yet another report disclosing that EDU improperly distributed recent SAT exams to clients in an effort to help them “game the SAT.” Investigation into the Company’s actions is ongoing.
“We’re focused on New Oriental’s representations to investors and possible violations of the federal securities laws,” said Hagens Berman Partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding EDU should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
