According to the Complaint, Tarena International, Inc. purports to provide professional education services including professional information technology (IT) training courses and non-IT training courses. Tarena offers K-12 education services in China.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) certain employees were interfering with external audits of Tarena’s financial statements for certain periods; (2) Tarena suffered from revenue and expense inaccuracies; (3) Tarena engaged in business transactions with organizations owned, invested in or controlled by Tarena employees or their family members, which in some instances were not properly disclosed by Tarena; (4) as a result of the foregoing, Tarena’s financial statements from 2014 through the end of Class Period were not accurate; and (5) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On September 1, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 1.

On July 13, 2022, the parties notified the Court that they had reached a Settlement in principle. On August 31, the parties entered into a Stipulation of Settlement. The parties entered into an amended Stipulation of Settlement on December 5. On August 18, 2023, the parties entered into a second amended Stipulation of Settlement. The Court granted preliminary approval of the Settlement on September 5. On September 9, 2024, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses. The Clerk of Court entered final judgment on September 23.

On November 5, 2024, the Court approved disbursement of administration costs.