KASKELA LAW LLC: Shareholder Class Action Lawsuit Filed against TAL Education Group (TAL)
June 18 2018 - 7:23PM
Business Wire
Kaskela Law LLC announces that a shareholder class action
lawsuit has been filed against TAL Education Group (NYSE: TAL)
(“TAL” or the “Company”) on behalf of purchasers of the Company’s
securities between April 26, 2018 and June 13, 2018,
inclusive (the “Class Period”).
On June 13, 2018, Muddy Waters issued a report entitled
“TAL Education: A Real Business with Fake Financials,” asserting
that TAL “has been fraudulently overstating its profits since at
least FY2016.” Citing an extensive review of Chinese government
documents, site visits, and numerous interviews, the report further
asserted that “TAL combines the old school China fraud
playbook of simply penciling in more favorable numbers with the
more sophisticated asset parking fraud of Enron.”
Following the publication of the Muddy Waters report, TAL’s
shares declined $4.54 per share, or 10%, to close on June 13, 2018
at $41.11, on heavy trading volume.
The shareholder class action complaint alleges that TAL and
certain other defendants made materially false and misleading
statements during the Class Period, and failed to disclose to
investors the following material adverse facts: (i) that the
Company overstated its net income; (ii) that the Company’s net
income was deteriorating; and (iii) that, as a result of the
foregoing, the defendants’ statements about TAL’s business,
operations, and prospects were materially false and misleading
and/or lacked a reasonable basis. The complaint further alleges
that investors purchased TAL’s securities at artificially inflated
prices during the Class Period and sustained significant investment
losses as a result thereof.
IMPORTANT DEADLINE: Investors who purchased TAL
securities during the Class Period may, no
later than August 17, 2018, seek to be appointed as a
lead plaintiff representative of the investor class. TAL investors
are encouraged to contact Kaskela Law LLC (David Seamus Kaskela,
Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or via email at
skaskela@kaskelalaw.com, to discuss their important legal rights
and options with respect to this action. Investors may also submit
their information to the firm online at
http://kaskelalaw.com/case/tal-education-group/.
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Kaskela Law LLCDavid Seamus Kaskela, Esq.201 King of
Prussia RoadSuite 650Radnor, PA
19087484-258–1585888-715–1740www.kaskelalaw.comskaskela@kaskelalaw.com
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