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Newsfile 25-Jan-2023 5:48 PM
New York, New York--(Newsfile Corp. - January 25, 2023) - Pomerantz LLP is investigating claims on behalf of investors of Gaotu Techedu Inc. f/k/a GSX Techedu ("Gaotu" or the "Company") (NYSE:GOTU). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Gaotu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making profits, raising capital or going public, effectively ending any potential growth in the for-profit tutoring sector in China.
On this news, Gaotu's American Depositary Share ("ADS") price fell $6.06 per ADS, or 63.3%, to close at $3.52 per ADS on July 23, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152530