The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired TAL Education Group (“TAL” or the “Company”) (NYSE: TAL) American Depository Shares (“ADSs”) between June 14, 2022 and March 14, 2023, inclusive (the “Class Period”). TAL investors have until May 30, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On March 14, 2023, an article was published on Seeking Alpha that alleged, among other things, that TAL’s subsidiary, Xueersi, had offered courses that “run counter to conventions put in place by Xi Jinping’s Common Prosperity drive.” Specifically, courses in mathematics and English, which are considered core subjects and must be offered as a strictly non-profit business, were restarted “under the guise of permitted tutoring outside of core subjects.”
On this news, TAL’s stock price fell $0.91, or 13.4%, over two consecutive trading days, to close at $5.89 per ADS on March 15, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was still providing K9 Academic AST Services; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased TAL ADSs during the Class Period, you may move the Court no later than May 30, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased TAL ADSs, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of TAL Education Group (TAL) Investors