NEW YORK, Jan. 31, 2017 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of New Oriental Education & Technology Group Inc. American Depositary Shares (NYSE: EDU) from September 27, 2016 through December 1, 2016, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for New Oriental investors under the federal securities laws.
To join the New Oriental class action, go to http://www.rosenlegal.com/cases-1007.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) New Oriental engaged in college application fraud; and (2) as a result, Defendants' statements about New Oriental's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. On December 2, 2016, Reuters reported that eight former and current New Oriental employees informed Reuters that New Oriental "engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts." On this news, shares of New Oriental fell $6.99 per share or over 14% from its previous closing price to close at $42.00 per share on December 2, 2016, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 13, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1007.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
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SOURCE Rosen Law Firm, P.A.