NEW YORK, NY / ACCESSWIRE / January 30, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against New Oriental Education & Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU) and certain of its officers, and is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired New Oriental American Depositary Receipts ("ADRs") between September 27, 2016 and December 1, 2016, inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/edu.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint 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 made false and/or misleading statements and/or failed to disclose that: (1) New Oriental engaged in college application fraud; and (2) consequently, New Oriental's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 2, 2016, Reuters reported that New Oriental has been accused of college application fraud. The report describes how New Oriental engaged in "writing application essays and teacher recommendations, and falsifying high school transcripts." Reuters also said that the American International Recruitment Council (AIRC) "will investigate the company in response to the report," and that the AIRC's president-elect said the allegations were "highly concerning." Following this news, New Oriental stock dropped $6.99 per share, or 14.27%, to close at $42.00 on December 2, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: http://www.bgandg.com/edu, or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in New Oriental, you have until February 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
ReleaseID: 451358
