According to the Complaint, TAL Education Group ("TAL") provides educational services and offers comprehensive tutoring services to students covering core academic subjects such as mathematics, English, Chinese, physics, chemistry. The Company mainly serves students in China.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company overstated its net income; (2) that the Company’s net income was deteriorating; and (3) that, 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 September 27, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on January 3, 2019. Defendants filed a Motion to Dismiss the amended Complaint on February 26. On September 25, the Court issued an Order granting Defendants' Motion to Dismiss. On October 25, Lead Plaintiffs filed a notice appealing the dismissal Order.

On November 25, 2020, The Court of Appeals for the Second Circuit issued an Order reversing the District Court's decision and remanding the case for further proceedings.

On June 24, 2021, the parties entered into a Stipulation and Agreement of Settlement. On November 30, 2021, the Court granted final approval of the Settlement and entered Final Judgment.