An investigation for investors in NYSE:EDU shares was announced over possible securities laws violations by New Oriental Education & Tech Group and certain of its directors and officers.
Investors who purchased shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether a series of statements by New Oriental Education & Tech Grp (ADR) (NYSE:EDU regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On December 2, 2016, an article was published that alleged that New Oriental Education & Tech Grp has been accused of engaging in college application fraud. The article stated that “[e]ight former and current New Oriental employees…told Reuters the firms have engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” Shortly thereafter on the same day, Reuters published an article announcing that in the wake of its earlier report detailing allegations of academic fraud at New Oriental, the American International Recruitment Council (“AIRC”) stated that it “will investigate the company in response to the report”, and the AIRC’s president-elect called the allegations “highly concerning.” Shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU) dropped on December 2, 2016, to as low as $37.16 per share.
On December 13, 2016, NYSE:EDU shares closed at $44.00 per share.
Those who purchased NYSE:EDU shares have certain options and should contact the Shareholders Foundation.
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