New Oriental Education and Technology Group Inc. ("New Oriental") is a provider of private educational services in China.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) New Oriental engaged in college application fraud; and (2) as a result, Defendants’ statements about New Oriental’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. On December 2, 2016, Reuters reported that eight former and current New Oriental employees informed Reuters that New Oriental “engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” On this news, shares of New Oriental fell $6.99 per share or over 14% from its previous closing price to close at $42.00 per share on December 2, 2016, damaging investors.

On March 30, 2017, the Court issued an Order appointing Lead Plaintiffs and Co-Lead Counsel. Lead Plaintiffs filed an amended Complaint on May 30. Defendants filed a Motion to Dismiss the amended Complaint on July 31. On July 3, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On August 19, Plaintiffs filed a second amended Complaint.

The parties entered into a Stipulation of Settlement on June 1, 2020. On June 4, 2021, the Court granted preliminary approval of the Settlement. On October 20, the Court granted final approval of the Settlement and entered Final Judgment.

On June 29, 2023, the Court issued an Order approving distribution of the Settlement funds.