NEW YORK, June 18, 2018 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of TAL Education Group (“TAL” or the “Company”) (NYSE: TAL) between April 26, 2018 and June 13, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover TAL shareholders’ investment losses.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) TAL overstated its net income; (2) TAL’s net income was deteriorating; and (3) as a result of the foregoing, Defendants’ statements about TAL’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On June 13, 2018, Muddy Waters Research published a report stating, among other things, that TAL “has been fraudulently overstating its profits since at least FY2016,” and that “TAL combines the old school China fraud playbook of simply penciling in more favorable numbers with the more sophisticated asset parking fraud of Enron.”
On this news, TAL’s stock fell $4.54 per share, or over 9%, from its previous closing price to close at $41.11 per share on June 13, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 17, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP