The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of New Oriental Education & Te...
January 05 2017 - 1:34PM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
New Oriental Education & Technology Group Inc. (“New Oriental”
or the “Company”) (NYSE: EDU) securities between September 27,
2016 and December 1, 2016, inclusive (the “Class Period”). New
Oriental investors have until February 13, 2017 to
file a lead plaintiff motion.
Investors suffering losses on their New Oriental investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
On December 2, 2016, Reuters issued an article
alleging that New Oriental has been accused of conducting college
application fraud. According to the article, several 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." The American International Recruitment Council
("AIRC") issued a statement later that day announcing that it would
conduct its own investigation in regards to the allegations put
forth in the Reuters article. AIRC's president-elect called the
report "highly concerning."
On this news, shares of New Oriental fell over 14% per share on
December 2, 2016.
According to the complaint filed in this class action, during
the Class Period, New Oriental made false and misleading
statements and/or failed to disclose that: (1) New Oriental engaged
in college application fraud; and (2) as a result, Defendants’
statements about New Oriental’s business, operations and prospects
were materially false and misleading and/or lacked a reasonable
basis at all relevant times.
If you purchased shares of New Oriental during the Class Period
you may move the Court no later than February 13,
2017 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170105006227/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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