The 17 Education & Technology class action lawsuit seeks to represent purchasers or acquirers of 17 Education & Technology Group Inc. (NASDAQ: YQ) publicly traded securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with 17 Education & Technology’s December 4, 2020 initial public offering (the “IPO”). The 17 Education & Technology class action lawsuit – captioned Zhang v. 17 Education & Technology Group Inc., No. 22-cv-04937 (C.D.Cal.) – charges 17 Education & Technology and certain of its top executives, directors, and underwriters with violations of the Securities Act of 1933.
If you suffered losses in 17 Education & Technology and wish to serve as lead plaintiff of the 17 Education & Technology class action lawsuit, please provide your information below. You can also contact 17 Education & Technology Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at tmil[email protected]. Lead plaintiff motions for the 17 Education & Technology class action lawsuit must be filed with the court no later than September 29, 2022. If you have questions, please contact 17 Education & Technology Stock Loss Lawyer Timothy L. Miles today.
Allegations in the 17 Education & Technology Class Action Lawsuit
17 Education & Technology offered tutoring services related to academic subjects to students from kindergarten through the last year of senior high school (“K-12 Academic AST Services”) in the People’s Republic of China (“PRC”). On December 4, 2020, 17 Education & Technology held its IPO, issuing approximately 27,400,000 American Depositary Shares (“ADSs”) to the investing public at $10.50 per ADS, pursuant to the Registration Statement.
PRC authorities have been targeting private education companies and tutoring companies, especially including those that are Western-financed, for reform publicly since at least February 2019. In January 2021, the month after the IPO, Chinese authorities publicly made clear within the PRC, again, that they would reform the private tutoring industry in which 17 Education & Technology operated. In doing so, for example, the Central Commission for Discipline Inspection, the highest internal enforcement division of the Chinese Communist Party, and the National Supervision Commission of the PRC released an article warning about reforms of abuses by private education companies. In light of the proposed, discussed, and enacted reforms from and connected to the 2018-2022 plan for modernizing Chinese education, several other Chinese education technology firms, including VIPKid, Huohua Siwei, Zuoyebang, and Yuanfudao, reportedly scrapped or postponed plans for initial public offerings.
The 17 Education & Technology Group class action lawsuit alleges that the IPO’s Registration Statement was false and/or misleading and/or failed to disclose that: (i) 17 Education & Technology’s K-12 Academic AST Services would end less than a year after the IPO; and (ii) as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17 Education & Technology’s core business.
On July 23, 2021, mere months after the IPO, Chinese authorities formally revealed to the public continued regulations which banned after-school tutoring companies that teach the school curriculum from making profits, raising capital, or going public. These measures formally ended any potential growth in the for-profit tutoring sector in the PRC. As of July 13, 2022, the price of 17 Education & Technology ADS has fallen by approximately 85% from the $10.50 IPO price, as investors sussered losses in 17 Education & Technology.
The Lead Plaintiff Process in the 17 Education & Technology Class Action Lawsuit
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in 17 Education & Technology to seek appointment as lead plaintiff in the 17 Education & Technology class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in 17 Education & Technologs, and have further questions, contact 17 Education & Technology Stock Loss Lawyer Timothy L. Miles today.
How Can a 17 Education & Technology Stock Loss Lawyer Help Me?
A 17 Education & Technology Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. A 17 Education & Technology Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a 17 Education & Technology Stock Loss Lawyer who will work to recover the losses you sustained through a 17 Education & Technology Class Action lawsuit. Contact 17 Education & Technology Stock Loss Lawyer Timothy L. Miles today.
Contact a 17 Education & Technology Stock Loss Lawyer if You Suffered Losses in 17 Education & Technology
If you suffered losses in 17 Education & Technology, contact 17 Education & Technology Stock Loss Lawyer Timothy L. Miles today about a 17 Education & Technology class action lawsuit, and see what a 17 Education & Technology Stock Loss Lawyer can do for you.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
Timothy L. Miles
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