NEW YORK, NY / ACCESSWIRE / August 15, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against TAL Education Group ("TAL" or the "Company") (TAL) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 18-cv-06440, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired TAL securities between April 26, 2018 and June 13, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased TAL securities between April 26, 2018, and June 13, 2018, both dates inclusive, you have until August 17, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
TAL provides educational services and offers comprehensive tutoring services to students covering core academic subjects such as mathematics, English, Chinese, physics, and chemistry. TAL primarily provides services in China.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TAL overstated its net income; (ii) TAL's net income was in fact deteriorating; and (iii) as a result of the foregoing, TAL's public statements were materially false and misleading at all relevant times.
On June 13, 2018, Carson Block issued a report accusing TAL of issuing fraudulent profit figures by overstating net income, net income margin and other essential accounting metrics.
On this news, TAL's ADR price fell $4.54, or over 9.95%, to close at $41.11 on June 13, 2018, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP