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NEW YORK, Aug. 01, 2021 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Tarena International, Inc. (“Tarena” or the “Company”) (NASDAQ:TEDU) and reminds investors of the August 23, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Tarena stock or options between August 16, 2016 and November 1, 2019 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/TEDU.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) certain employees were interfering with external audits of the Company’s financial statements for certain periods; (2) the Company suffered from revenue and expense inaccuracies;
(3) the Company engaged in business transactions with organizations owned, invested in or controlled by Company employees or their family members, which in some instances were not properly disclosed by the Company; (4) as a result of the foregoing, the Company’s financial statements from 2014 through the end of Class Period were not accurate; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on April 30, 2019, the Company filed a Form NT 20-F Notification of inability to timely file a Form 20-F for the fiscal year ended December 31, 2018 with the SEC. The Company stated the delay in filing the Form 20-F was due, in part, to, “the independent audit committee of the registrant’s board of directors [. . .] conducting a review of certain issues identified during the course of the audit of the registrant’s financial statements for the year ended December 31, 2018, including issues related to the registrant's revenue recognition.”
On this news, the price of Tarena ADSs fell 1.2% to close at $5.02 per ADS on May 1, 2019, damaging investors.
Then, on May 17, 2019, the Company filed a Form 6-K with the SEC announcing that it “received a notification letter from Nasdaq Listing Qualifications [. . .] stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its Annual Report on Form 20-F for the year ended December 31, 2018 (the “2018 Form 20-F”).”
On this news, the price of Tarena ADSs fell 4.8% to close at $3.73 on May 20, 2019, further damaging investors.
Then, on July 24, 2019, Tarena filed a Form 6-K with the SEC providing an update on the audit committee’s independent review of the Company’s financial statements.
On this news, the price of Tarena ADSs fell 4.7% to close at $1.63 per ADS on July 25, 2019.
Finally, on November 1, 2019, Tarena filed a Form 6-K announcing the results of its independent investigation, which stated, among other things, that "the Company’s reported revenues for fiscal years 2014, 2015, 2016 and 2017 and previously announced unaudited revenues for each quarter of and full year 2018 were not accurate."
On this news, the price of Tarena ADSs dropped 9.4% to open on November 4, 2019, the next trading day, at $0.76, further damaging investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tarena’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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