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Shareholder Class Action Filed Against New Oriental Education & Technology Group Inc.

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired New Oriental Education & Technology Group Inc. (“New Oriental”) (NYSE: EDU) American Depositary Shares (“ADSs”) between September 27, 2016 through December 1, 2016, both dates inclusive (the “Class Period”).

According to the complaint, New Oriental provides private educational services under the New Oriental brand in the People’s Republic of China.

The Class Period commences on September 27, 2016, when the company filed a Form 20-F for the fiscal year ended May 31, 2016 with the SEC.  The Form 20-F stated, in part, “Our consultants help students through the application and admission process for overseas educational institutions and provide useful college, graduate and career counseling advice to help students make informed decisions. We also counsel students with the immigration process for overseas studies, such as obtaining visas and housing. We charge each student a fee based on the scope of consulting services requested by the student.”

According to the complaint, on December 2, 2016, Reuters published a report detailing allegations of academic fraud at the company. Specifically, Reuters reported that eight former and current New Oriental employees informed Reuters that New Oriental “engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.”

Reuters further reported that the American International Recruitment Council, which certifies agencies that recruit foreign students on behalf of U.S. colleges, will investigate the company in response to the Reuters report.

Following this news, shares of the company fell $6.99 per share or over 14% from its previous closing price to close at $42.00 per share on December 2, 2016.

The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the company engaged in college application fraud; and (2) as a result, the 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.

If you are a member of the class described above, you may no later than February 13, 2017 move the Court to serve as lead plaintiff of the class, if you so choose. 

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 

In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form and list your purchase and sale transaction(s) for New Oriental Education & Technology Group Inc. (“New Oriental”) (NYSE: EDU) American Depositary Shares (“ADSs”)  between September 27, 2016 through December 1, 2016, both dates inclusive (the “Class Period”):

Information Sheet
* Denotes required field
Acquisitions
Date Aquired
Number of Shares Acquired
Acquisition Price Per Share
Sales
Date Sold
Number of Shares Sold
Selling Price Per Share
Did you purchase shares of New Oriental Education & Technology Group Inc. prior to the class period?
Are you a current or former employee of New Oriental Education & Technology Group Inc.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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