NEW YORK, Dec. 2, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Zhangmen Education Inc. ("Zhangmen" or the "Company") (NYSE: ZME). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Zhangmen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around June 8, 2021, Zhangmen conducted its initial public offering ("IPO), selling 4,166,450 American Depositary Shares ("ADSs") priced at $11.50 per ADS. Then, on July 23, 2021—less than two months after the IPO—China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making profits, raising capital or going public. These drastic measures effectively ended any potential growth in the for-profit tutoring sector in China. On November 19, 2021, Zhangmen announced that its auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP, had voluntarily resigned.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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.