According to the Complaint, Sunlands Technology Group is an online post-secondary and professional education company in the PRC.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Sunlands's student enrollment was declining; (2) Sunlands's gross billings were declining; (3) Sunlands's marketing tactics were not as robust as described in the Registration Statement; and (4) as a result, Defendants' statements about Sunlands's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On September 13, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 15.

Defendants filed a Motion to Dismiss the amended Complaint on June 11, 2020. On June 30, Lead Plaintiff voluntarily dismissed three of the individual Defendants. On March 31, 2021, the Court issued an Order denying Plaintiffs' Motion to Dismiss.

On July 23, 2021, Defendants filed a Motion for Judgment on the Pleadings. On September 21, 2022, the Court issued an Order denying Defendants' Motion for Judgment.

On May 8, 2023, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on June 14. On October 11, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On April 10, 2024, the Court granted Lead Plaintiff's motion for disbursement of net Settlement funds.