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On December 2, 2016, Reuters published an article reporting that New Oriental has been accused of engaging in college application fraud. The article states that the Company had engaged in "writing application essays and teacher recommendations, and falsifying high school transcripts." Reuters subsequently reported that the American International Recruitment Council ("AIRC") "will investigate the company in response to the report," and that the AIRC's president-elect called the allegations "highly concerning."
On this news, New Oriental stock fell $6.99, or 14.27%, to close at $42.00 on December 2, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-shareholders-of-new-oriental-education--technology-group-inc--edu-300374080.html
SOURCE Pomerantz LLP