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NEW YORK, March 04, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of TAL Education Group (“TAL” or the “Company”) (NYSE: TAL). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether TAL and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 25, 2021, media reports revealed that the City of Beijing had fined four online education agencies, including TAL, the maximum fine of 500,000 yuan (approximately $80,000) each for misleading customers with false advertising regarding course pricing. On May 12, 2021, news reports revealed that an impending crackdown by the Chinese government on the private tutoring sector would be further reaching and more drastic than previously publicly known, including that regulators had already taken adverse actions against TAL and other for-profit tutoring companies.
On this news, TAL’s American Depository Share (“ADS”) price fell $6.89 per ADS, or 13%, over the following two trading sessions to close at $46.25 per ADS on May 13, 2021.
On June 1, 2021, Chinese regulators announced that they had fined 15 off-campus training institutions, including TAL, for illegal activities such as false advertising and fraud. On this news, TAL’s ADS price fell $7.24 per ADS, or nearly 18%, over the following two trading sessions to close at $33.27 per ADS on June 3, 2021. Finally, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making profits, raising capital or going public, effectively ending any potential growth in the for-profit tutoring sector in China.
On this news, TAL’s ADS price fell $16.12 per ADS, or 78.56%, over the following two trading sessions to close at $4.40 per…
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