A lawsuit was filed on behalf of investors in 17 Education & Technology Group Inc. (NASDAQ:YQ) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 08/17/2022 --An investor, who purchased shares of 17 Education & Technology Group Inc. (NASDAQ: YQ), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by 17 Education & Technology Group Inc. in connection with 17EdTech's December 2020 initial public offering (the "IPO").

Investors who purchased shares of 17 Education & Technology Group Inc. (NASDAQ: YQ) have certain options and for certain investors are short and strict deadlines running. Deadline: September 19, 2022. NASDAQ: YQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based 17 Education & Technology Group Inc., an education technology company, provides education and education technology services in the People's Republic of China. On or around December 4, 2020, 17 Education & Technology Group Inc. conducted its initial public offering, selling 27.4 million American Depositary Shares ("ADSs") priced at $10.50 per ADS.

Then, on June 10, 2022, 17 Education & Technology Group Inc. announced its first quarter financial results, reporting a net loss of $3.9 million alongside a nearly 50% fall in revenue from the prior year to $36.82 million.

Shares of 17 Education & Technology Group Inc. (NASDAQ: YQ) declined from $3.74 per share on June 8, 2022, to as low as $1.42 per share on July 18, 2022.

The plaintiff claims that the Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) Defendant 17EdTech's K-12 Academic AST Services would end less than a year after the IPO; (2) as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17EdTech's core business; and (3) as a result, Defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of 17 Education & Technology Group Inc. (NASDAQ: YQ) have certain options and should contact the Shareholders Foundation.

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

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.