Recent Security Class Actions

New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman (NYSE: EDU)

Company Name:New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman
Stock Symbol:NYSE: EDU
Class Period Start:09/28/2016
Class Period End (inclusive):12/01/2016
Filing Deadline:02/13/2017

According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) New Oriental engaged in college application fraud; and (2) as a result, Defendants' statements about New Oriental's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. On December 2, 2016, 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." On this news, shares of New Oriental fell $6.99 per share or over 14% from its previous closing price to close at $42.00 per share on December 2, 2016, damaging investors.