ACCESSWIRE
31 Jan 2023, 14:05 GMT+10
NEW ORLEANS, LA / ACCESSWIRE / January 30, 2023 / Kahn Swick & Foti, LLC ('KSF') and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 28, 2023 to file lead plaintiff applications in a securities class action lawsuit against Gaotu Techedu Inc. f/k/a GSX Techedu Inc. (NYSE:GOTU, GSX), if they purchased the Company's American depository shares ('ADSs') between March 5, 2021 and July 23, 2021, inclusive (the 'Class Period'). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
If you purchased ADSs of Gaotu and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-gotu/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by February 28, 2023.
About the Lawsuit
Gaotu and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 23, 2021, Media sources reported that China was prohibiting tutoring for profit in core school subjects in order to ease the financial burden on families, which would be likely to have a negative effect on China's substantial private tutoring industry.
On this news, ADSs of Gaotu fell 63.3% to close at $3.52 per ADS on July 23, 2021.
The case is Zhang v. Gaotu Techedu Inc. f/k/a GSX Techedu Inc., et al., No. 22-cv-07966.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients - including public institutional investors, hedge funds, money managers and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
CONTACT:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE: Kahn Swick & Foti, LLC
Get a daily dose of Cleveland Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Cleveland Star.
More InformationNEW YORK, New York - Wall Street jumped on Friday, although gains were modest after bank shares in Europe came ...
LOS ANGELES, California: Some 30,000 education workers in Los Angeles, backed by teachers, went on a three-day strike, canceling school ...
LONDON, England: Despite rising air fares, a potential global economic recession and risks of gridlock at some airports in Europe ...
WASHINGTON D.C.: The US Commerce Department has proposed new laws aimed at preventing China and other countries deemed of concern ...
NEW YORK, New York - As concerns over the banking sector eased, U.S. stocks moved moderately higher on Thursday, but ...
MEXICO CITY, Mexico: Amid Tesla's plan to open a $5 billion Gigafactory in the country, Mexico will soon become an ...
WASHINGTON D.C.: The Alzheimer's Association is lobbying Congress to enable early Medicare coverage of a new class of drugs, beginning ...
Last month, Jimmy Butler endured one of his lowest-scoring games of the season and the Miami Heat were unable to ...
Atlanta United looks to extend their season-opening unbeaten streak to five games but will do so without several of their ...
The Calgary Flames potentially are staring at their last strike. Heading into Friday's home game against the cellar-dwelling San Jose ...
The Los Angeles Kings are amid their longest points streak of the season -- a stretch that began last month ...
The Cleveland Browns are signing wide receiver Marquise Goodwin to a one-year contract, multiple media outlets reported on Friday. Financial ...