NEW YORK, Dec. 2, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at New Oriental Education & Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU).
The investigation focuses on whether the Company and its executives violated federal securities laws. Specifically, on December 2, 2016, Reuters published an article revealing that New Oriental, China's biggest private educator, had been accused of engaging in college application fraud.
The article states that "[e]ight former and current New Oriental employees…told Reuters the firms have engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts." Subsequently, Reuters published another article announcing that in the wake of its aforementioned report regarding New Oriental, the American International Recruitment Council ("AIRC") stated that it "will investigate the company in response to the report," and the AIRC's president-elect called the allegations "highly concerning."
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.
Request more information now by clicking here: www.faruqilaw.com/EDU. There is no cost or obligation to you.
If you invested in New Oriental's stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/EDU. 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.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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