An investigation for investors in Gaotu Techedu Inc. (NYSE:GOTU) shares over potential securities laws violations by Gaotu Techedu Inc. was announced.
San Diego, CA -- (SBWIRE) -- 09/21/2021 -- Gaotu Techedu Inc. f/k/a GSX Techedu Inc is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Gaotu Techedu Inc. (NYSE: GOTU), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Gaotu Techedu Inc. (NYSE: GOTU) concerning whether a series of statements by Gaotu Techedu Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based Gaotu Techedu Inc., a technology-driven education company, provides online K-12 after-school tutoring services in the People's Republic of China. Gaotu Techedu Inc. reported that its annual Total Revenue rose from over 2.11 billion CNY in 2019 to over 7.12 billion CNY in 2020, and that its Net Income of 226.63 million CNY in 2019 turned into a Net Loss of over 1.39 billion CNY in 2020.
On July 25, 2021, China released new regulations that ban companies that teach school curriculums from making profits, raising capital or going public.
Shares of Gaotu Techedu Inc. (NYSE: GOTU) declined from $142.7 per share share in January 2021 to as low as $2.25 per share on August 23, 2021.
Those who purchased shares of Gaotu Techedu Inc. (NYSE: GOTU) have certain options and should contact the Shareholders Foundation.
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