Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In New Oriental Education & Technology Group Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in New Oriental Education & Technology Group Inc. (“New Oriental” or the “Company”) (NYSE:EDU) of the February 13, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased New Oriental American Depositary Shares (“ADSs”) between September 27, 2016 and December 1, 2016 (the “Class Period”). The case, CHAN v. NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. et al, No. 2:16-cv-09279 was filed on December 15, 2016, and has been assigned to Judge Katharine Sweeney Hayden.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) New Oriental engaged in college application fraud; and (2) as a result, New Oriental’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, on December 2, 2016, Reuters published a report revealing allegations of academic fraud at the Company. The report revealed, among other things, that former and current Company employees exposed that New Oriental “engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” Later, on December 2, 2016, Reuters reported that the American International Recruitment Council, which certifies agencies that recruit foreign students on behalf of U.S. colleges, will investigate the Company in response to the report.
On this news, New Oriental’s share price fell from $48.99 per share on December 1, 2016 to a closing price of $42.00 on December 2, 2016 —a $6.99 or a 14.27% drop.
If you invested in New Oriental between September 27, 2016 and December 1, 2016 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding New Oriental’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.