COMPANY |
TAL Education Group |
COURT |
United States District Court for the Southern District of New York |
CASE NUMBER |
22-cv-01015 |
JUDGE |
The Honorable Andrew Lamar Carter Jr. |
CLASS PERIOD |
April 26, 2018 - July 22, 2021 |
SECURITY TYPE |
American Depository Shares |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired TAL Education Group (“TAL”) (NYSE: TAL) American Depository Shares (“ADSs”) between April 26, 2018 and July 22, 2021, both dates inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose, among other things, that: (1) TAL’s revenue and operational growth was the result of deceptive marketing tactics and illicit business practices that flouted Chinese laws, regulations and policies, and exposed TAL to an extreme risk that more draconian measures would be imposed on TAL; (2) TAL had engaged in misleading and fraudulent advertising practices, including the provision of false and misleading discount information designed to obfuscate the true cost of TAL’s programs to its customers; (3) TAL had defied Chinese policies designed to alleviate the burden imposed by tutoring services on students and their families; and (4) the new rules, regulations and policies to be implemented by the Chinese government were far more severe than represented to investors by the defendants and in fact posed an existential threat to TAL and its business.
Current Status of Case:
On November 20, 2023, Lead Plaintiffs filed a Second Amended Complaint. Defendants filed a Motion to Dismiss the Second Amended Complaint on January 19, 2024. The Motion has been fully briefed and is pending decision by the Court. This action is ongoing.
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: Jon Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.