LOS ANGELES, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 26, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Sunlands Technology Group (“Sunlands Technology” or the “Company”) (NYSE: STG) investors who acquired securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Sunlands Technology’s March 2018 initial public stock offering (the “IPO” or the “Offering”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On March 23, 2018, the Company completed its Initial Public Offering, issuing 13 million shares at $11.50 per share.
On May 28, 2019, the Company disclosed that new student enrollments declined during first quarter 2019 and gross billings fell 28.6% year-over-year due to “softer marketing tactics and expanded trial programs.”
Since the IPO, shares of Sunlands Technology have traded as low as $2.28 per ADS, a loss of more than 80% from the $11.50 IPO price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Sunlands Technology’s student enrollment was declining; (2) Sunlands Technology’s gross billings were declining; (3) Sunlands Technology’s marketing tactics were not as robust as described in the Registration Statement; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased or otherwise acquired Sunlands Technology securities during the Class Period you may move the Court no later than August 26, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com