BEIJING, April 7, 2020 /PRNewswire/ -- TAL Education Group
(NYSE: TAL) ("TAL" or the "Company"), a leading K-12 after-school
tutoring services provider in China, today announced certain employee
wrongdoing discovered in the Company's routine internal auditing
process. TAL discovered irregularities and violations of the
Company's business conduct and internal control policies by an
employee in the Company's newly introduced "Light Class" business.
Upon such discovery, TAL immediately reported to the local police.
The employee has been taken into custody by the local
police.
Based upon the Company's routine internal audit, the Company
suspects that the employee of question conspired with external
vendors to wrongly inflate "Light Class" sales by forging contracts
and other documentations. For the fiscal year 2020 ended
February 29, 2020, "Light Class"
sales accounted for approximately 3% to 4% of the Company's total
estimated revenues.
TAL highly values the integrity of business practices and the
ethics of employee conducts, having zero tolerance of any illegal
act. The Company has always been and will remain committed to
maintaining high standards of corporate governance, as well as
transparent and timely disclosure in compliance with the applicable
rules and regulations of the Securities and Exchange Commission and
the New York Stock Exchange.
About TAL Education Group
TAL Education Group is a leading K-12 after-school tutoring
services provider in China. The
acronym "TAL" stands for "Tomorrow Advancing Life", which reflects
our vision to promote top learning opportunities for Chinese
students through both high-quality teaching and content, as well as
leading edge application of technology in the education experience.
TAL Education Group offers comprehensive tutoring services to
students from pre-school to the twelfth grade through three
flexible class formats: small classes, personalized premium
services, and online courses. Our tutoring services cover the core
academic subjects in China's
school curriculum as well as competence oriented programs. The
Company's learning center network currently covers 69 key cities in
China.
We also operate www.jzb.com, a leading online education platform
in China. Our ADSs trade on the
New York Stock Exchange under the symbol "TAL".
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about TAL's beliefs
and expectations, are forward-looking statements. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in our
annual report on Form 20-F and other documents filed with the SEC.
All information provided in this press release is as of the date of
this press release, and TAL does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
For further information, please contact:
Echo Yan
Investor Relations
TAL Education Group
Tel: +86 10 5292 6658
Email: ir@100tal.com
Caroline Straathof
IR Inside
Tel: +31 6 5462 4301
Email: info@irinside.com
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SOURCE TAL Education Group