The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the District of New Jersey on behalf of investors who purchased New Oriental Education & Technology Group Inc. (NYSE: EDU) securities between September 27, 2016 and December 1, 2016.
According to the complaint, during the Class Period, New Oriental made false and 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 the news outlet that the Company “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 from its previous closing price to close at $42.00 per share on December 2, 2016, damaging investors.
If you suffered a loss in New Oriental you have until February 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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