WELLINGTON, Fla., May 06, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”), reminds investors that they have until June 16, 2020 to contact the Firm to learn more about the class action filed against GSX TECHEDU, INC. (NYSE: GSX), and appointment of lead plaintiff.
The Class Action, ZEQIU WU v. GSX TECHEDU INC., et al., Case No.: 2:20-cv-04457, was filed in the US District Court for the District of New Jersey on behalf of shareholders who purchased GSX securities between June 6, 2019 and April 13, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages against GSX and certain executives for alleged violations of federal securities laws.
The complaint alleges, in part, that GSX overstated its profitability, revenue, student enrollment figures, teacher qualifications, and teacher selection process. Specifically, on February 25, 2020, Grizzly Research, LLC published a report alleging, among other things, that GSX “has been drastically overstating its profitability in its US public filings, especially for 2018.” Then on April 14, 2020, Citron Research published a report highlighting additional allegations, including that GSX’s “2019 revenue was overstated by 70%.” Following publication of these reports, the price of the stock fell.
If you’ve suffered damages from investing in GSX and would like to discuss your options, including petitioning the court for a leadership position, you may, without obligation or cost, contact Anthony Barbuto, at (888) 715-2520 or via email at anthony@barjolaw.com.
BARJO follows the principles set forth in the case Berger v. Compaq, 257 F.3d 475 (5th Cir, 2001) which states “[c]lass action lawsuits are intended to serve as a vehicle for capable, committed advocates to pursue the goals of the class members through counsel, not for capable, committed counsel to pursue their own goals through the class members.” BARJO believes strongly that the choice of qualified Lead Plaintiff(s) can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com