NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today that a class action lawsuit has been filed against New Oriental Education & Technology Group, Inc. (“New Oriental” or the “Company”) (NYSE:EDU) and certain of its officers. The suit was filed in the United States District Court, District of New Jersey, on behalf of a class consisting of all purchasers of New Oriental American Depository Shares (“ADS”) during the period from September 27, 2016 through December 1, 2016 (the “Class Period”), seeking recovery of damages for alleged violations of the federal securities laws. Pursuant to applicable law, investors have until February 13, 2017 to file a motion to be appointed as lead plaintiff in the lawsuit.
New Oriental provides private educational services in China. The lawsuit alleges that throughout the Class Period, New Oriental was engaged in college application fraud.
On December 2, 2016, Reuters reported that it was informed by former and current New Oriental employees that New Oriental “engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” Reuters also reported that the American International Recruitment Council will investigate the company.
On this news, the price of New Oriental ADS fell from $48.99 to $42.00.
If you acquired New Oriental ADS during the Class Period and are interested in learning more about this matter and any rights you might have with respect to these claims, please contact Wendy Li at securitiescases@kmllp.com, or by telephone at (212) 371-6600. You can also find information about this matter on the firm’s website at www.kmllp.com. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. Kirby McInerney’s efforts on behalf of shareholders have resulted in recoveries totaling billions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against New Oriental Education & Technology Group, Inc. can be found at Kirby McInerney LLP's website: www.kmllp.com.
