The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased Pearson plc (NYSE: PSO) American Depositary Receipts between January 21, 2016 and January 17, 2017.
According to the complaint, throughout the class period, the Company made materially false and/or misleading statements regarding the Company’s business, operational and compliance policies. In particular, the complaint alleges the Company made overly optimistic projections for 2017 and 2018 regarding its U.S. education business when, in reality, students were not likely to purchase the Company’s products when more affordable alternatives were available. On January 18, 2017, Pearson issued a press release announcing that it no longer expected to achieve its operative profit guidance for 2018 as a result of “[t]he North American higher education courseware market being much weaker than expected” and that Pearson would “rebase” its dividend “from 2017 onwards.” Following this news, shares of Pearson fell approximately 29% on January 18, 2017, from a previous close of $9.99 to a close of $7.13 per share.
If you suffered a loss in Pearson you have until April 25, 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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