San Diego, CA -- (SBWIRE) -- 10/06/2014 -- The Shareholders Foundation announces that a deadline is coming up on November 5, 2014 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased American Depositary Shares of New Oriental Education & Technology Group Inc (NYSE: EDU) between October 19, 2009 and July 17, 2012.

Investors who purchased a significant amount of American Depositary Shares of New Oriental Education & Technology Group Inc (NYSE: EDU) between October 19, 2009 and July 17, 2012, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the New Oriental Education & Technology Group Inc (ADS) (NYSE: EDU) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/new-oriental-education-technology-group-inc-ads-nyse-edu-investor-securities-class-action-lawsu

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is November 5, 2014. The class action administrator for this case is Rust Consulting Inc.

The lawsuit was originally filed in in the U.S. District Court for the Central District of California against New Oriental Education & Technology Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 21, 2009 and July 17, 2012.

According to the complaint the plaintiff alleged New Oriental Education & Technology Group Inc (NYSE: EDU) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between, July 21, 2009 and July 17, 2012, materially false and misleading , as well as allegedly failing to disclose material adverse facts about New Oriental Education & Technology Group Inc’s business, operations and prospects.

On July 17, 2012, New Oriental Education & Technology Group Inc reported its unaudited financial results for the fiscal quarter and fiscal year ended May 31, 2012. New Oriental Education & Technology Group Inc disclosed that the U.S. Securities and Exchange Commission had launched a formal investigation into New Oriental Education & Technology Group Inc’s accounting practices. The SEC is investigating "whether there is a sufficient basis for the consolidation of Beijing New Oriental Education & Technology (Group) Co., a variable interest entity of New Oriental Education & Technology Group Inc, and its wholly-owned subsidiaries, into the company's consolidated financial statements," New Oriental Education & Technology Group Inc said in its July 17, 2012 statement.
On July 18, 2012, a report was published by the research firm Muddy Waters Research, entitled, “Initiating Coverage on EDU – Strong Sell.”
American Depositary Shares of New Oriental Education & Technology Group Inc (NYSE: EDU) dropped from $22.26 per share on July 16, 2012 to as low as $9.50 per share on July 18, 2012.
On July 23, 2012, NYSE: EDU closed at $12.19 per share.
Those who purchased American Depositary Shares (ADS) of New Oriental Education & Technology Group Inc (NYSE: EDU) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com