NEW YORK, April 16, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of GSX Techedu Inc. (NYSE: GSX) resulting from allegations that GSX may have issued materially misleading business information to the investing public.
On April 14, 2020, the investment analyst Citron Research issued a report on GSX entitled "GSX Techedu Inc – The Most Blatant Chinese Stock Fraud since 2011." The Citron Report alleged that GSX "is overstating revenue by up to 70% and should immediately halt trading and launch an internal investigation."
On this news, GSX's American depositary shares (or "ADSs") fell $1.73 per ADS over the rest of the trading day and the next trading day, or over 5%, to close at $29.67 per ADS on April 15, 2020, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by GSX's investors. If you purchased securities of GSX, please visit the firm's website at http://www.rosenlegal.com/cases-register-1841.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
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New York, NY 10016
Tel: (212) 686-1060
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SOURCE Rosen Law Firm, P.A.