NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Gaotu Techedu Inc. (“Gaotu” or the “Company”) (NYSE: GOTU) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Gaotu securities between March 22, 2021 and March 29, 2021, both dates inclusive (the “Class Period”). Investors have until December 20, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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According to the lawsuit, Goldman Sachs Group Inc. and Morgan Stanley sold a large amount of Gaotu American Depository Shares (ADSs) during the Class Period while in possession of material non-public information about Archegos Capital Management (at the time a family office with $10 billion under management) and its need to fully liquidate its position in Gaotu because of margin call pressure. As a result of these sales, the defendants in the case, Goldman Sachs and Morgan Stanley, avoided billions in losses combined.
If you purchased or otherwise acquired Gaotu shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.