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The Law Offices of Frank R. Cruz reminds investors of the upcoming May 30, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired TAL Education Group (“TAL” or the “Company”) TAL American Depository Shares (“ADSs”) between June 14, 2022 and March 14, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On March 14, 2023, an article was published on Seeking Alpha that alleged, among other things, that TAL’s subsidiary, Xueersi, had offered courses that “run counter to conventions put in place by Xi Jinping’s Common Prosperity drive.” Specifically, courses in mathematics and English, which are considered core subjects and must be offered as a strictly non-profit business, were restarted “under the guise of permitted tutoring outside of core subjects.”
On this news, TAL’s stock price fell $0.91, or 13.4%, over two consecutive trading days, to close at $5.89 per ADS on March 15, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was still providing K9 Academic AST Services; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired TAL ADSs during the Class Period, you may move the Court no later than May 30, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or…
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