Shareholders Foundation, Inc.

New Oriental Education & Tech Grp (ADR) (NYSE:EDU) Shareholder Alert: Lawsuit Alleges Misleading Statements

A lawsuit was filed on behalf of investors in New Oriental Education & Tech Grp (ADR) (NYSE:EDU) shares over alleged securities laws violations and NYSE:EDU investors should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 12/19/2016 -- The Shareholders Foundation announced that an investor, who purchased shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU), filed a lawsuit in the New Jersey over alleged violations of Federal Securities Laws by New Oriental Education & Tech Group.

Investors who purchased shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU) have certain options and for certain investors are short and strict deadlines running. Deadline: February 13, 2017. NYSE:EDU investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff claims that between September 27, 2016 and December 1, 2016, Defendants allegedly made false and/or misleading statements and/or failed to disclose that New Oriental engaged in college application fraud, and that 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.

On December 2, 2016, an article was published that alleged that New Oriental Education & Tech Grp has been accused of engaging in college application fraud. The article stated that "[e]ight 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." Shortly thereafter on the same day, Reuters published an article announcing that in the wake of its earlier report detailing allegations of academic fraud at New Oriental, the American International Recruitment Council ("AIRC") stated that it "will investigate the company in response to the report", and the AIRC's president-elect called the allegations "highly concerning." Shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU) dropped on December 2, 2016, to as low as $37.16 per share.

Those who purchased shares of New Oriental Education & Tech Grp (ADR) 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