Gaotu Techedu Inc. f/k/a GSX Techedu Inc. (NYSE: GOTU, GSX)
NEW YORK, NY – January 4, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP reminds investors of the upcoming February 28, 2023 deadline to file a lead plaintiff motion in the class action filed in the United States District Court for the Eastern District of New York on behalf of investors who purchased or otherwise acquired shares of Gaotu Techedu Inc. f/k/a GSX TecheduInc. (NYSE: GOTU, GSX) between March 5, 2021 and July 23, 2021, both dates inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774.
If you have incurred losses, you may, no later than February 28, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
On July 23, 2021, Reuters reported that China was barring for-profit tutoring programs, citing a government document that was widely circulated. The regulatory move “threatens to decimate the $120 billion private tutoring industry.”
On this news, Gaotu’s ADS price fell 63.3%, to close at $3.25 per ADS on July 23, 2021, thereby injuring investors.
Then, on November 6, 2021, the Financial Times published an article alleging, that Gaotu leaders had been aware that Beijing was considering stricter regulations on the tutoring industry. The article also reported that a shell company holding shares for Gaotu’s executives sold $119 million worth of shares days after the Chinese president remarked that home-schooling was a “stubborn disease” that was putting too much pressure on Chinese children and their parents.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at firstname.lastname@example.org
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 02/04/2023