SAN FRANCISCO, Dec. 16, 2016 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in New Oriental Education & Technology Group, Inc. (NYSE: EDU) to the firm's investigation into possible academic fraud and securities law violations.
If you purchased or otherwise acquired securities of EDU between August 31, 2016 and December 5, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing EDU@hbsslaw.com.
On December 2, 2016, Reuters reported that eight current and former New Oriental employees disclosed that the Company "engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts." In addition, Reuters reported, some students allegedly never saw their college applications – New Oriental controlled the entire process, including submitting the application to colleges. The Company also allegedly subsidized college admissions officers' participation in tours and summer camps to meet and advise students on their college applications.
This news triggered an investigation by the American International Recruitment Council ("AIRC"), which has the power to decertify New Oriental's counseling division, and drove the price of New Oriental shares down by over 14% on December 5, 2016.
"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 EDU@hbsslaw.com.
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.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP