mail@shareholdersfoundation.com
Investors with a substantial investment in shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU) between July 21, 2009 and July 17, 2012, should get active before the Deadline that is coming up on September 21, 2012 and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges on behalf of all persons or entities who purchased the American Depositary Shares (“ADSs”) of New Oriental Education & Technology Group Inc. (“EDU” or the “Company”) (NYSE:EDU) between July 21, 2009 and July 17, 2012, that New Oriental Education & Tech Grp and certain of its executive officers with violations of federal securities laws by issuing allegedly false and/or misleading statements, as well as allegedly failing to disclose material adverse facts about the New Oriental Education & Technology Group’s business, operations and prospects.
On July 17, 2012, New Oriental Education & Tech Grp (ADR) (NYSE:EDU) reported its unaudited financial results for the fiscal quarter and fiscal year ended May 31, 2012. New Oriental Education & Tech Grp disclosed that the U.S. Securities and Exchange Commission (“SEC”) has launched a formal investigation into New Oriental Education & Tech’s accounting practices. The SEC is investigating "whether there is a sufficient basis for the consolidation of Beijing New Oriental Education & Technology (Group) Co., a variable interest entity of the Company, and its wholly-owned subsidiaries, into the Company's consolidated financial statements,"
On July 18, 2012, a report was published by the research firm Muddy Waters Research, entitled, “Initiating Coverage on EDU – Strong Sell.”
Shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU) dropped from $22.26 per share on July 16, 2012 to as low as $9.50 per share on July 18, 2012.
On September 7, 2012, NYSE:EDU shares closed at $14.79 per share.
Those who purchased a substantial amount of shares of New Oriental Education & Tech Grp (ADR) (NYSE:EDU), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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