Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Gaotu Techedu Inc. (NYSE: GOTU, GSX) investors that a lawsuit filed on behalf of investors that purchased(“Gaotu” or the “Company”) (NYSE: GOTU, GSX) securities between March 5, 2021 and July 23, 2021, both dates inclusive (the "Class Period").
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Gaotu is a technology-driven education company providing online K-12 after-school tutoring services in China. The plaintiff alleges that the company made false and misleading statements by failing to disclose that China was banning tutoring for profit in core school subjects, which would have a negative impact on Gaotu's operations, profitability, and securities value. This news caused Gaotu's share prices to fall by over 63% on July 23, 2021. Additionally, a Financial Times article revealed that executives at GSX Techedu cashed out shares worth up to $119m just three days after China's ban on tutoring for profit was announced, while the same block of shares would be worth only $4m on November 6, 2021.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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