Globe Newswire 14-Jun-2019 3:47 PM
NEW YORK, June 14, 2019 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Sunlands Technology Group (NYSE:STG) resulting from allegations that Sunlands may have issued materially misleading business information to the investing public.
On March 23, 2018, Sunlands completed its Initial Public Offering ("IPO"), issuing 13 million American depositary receipts ("ADRs") priced at $11.50 per share. On May 28, 2019, Sunlands announced its financial and operating results for the first quarter of 2019, which included a net loss of $16.8 million, and advised investors that the Company's "new student enrollments declined, and gross billings were down 28.6% year-over-year."
Following this news, Sunlands' ADR price fell $0.19 per share, or 6.46%, to close at $2.75 per share on May 29, 2019, representing a total decline of $8.75 per share, or 76.09%, from the IPO price.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Sunlands investors. If you purchased shares of Sunlands please visit the firm's website at http://www.rosenlegal.com/cases-register-1598.html to join the class action. You may also contact Phillip Kim Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
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