NEW YORK, Dec. 6, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of New Oriental Education & Technology Group Inc. ("New Oriental" or the "Company") (NYSE: EDU). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether New Oriental and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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
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SOURCE Pomerantz LLP