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Case Page

 

Case Status:    ONGOING    
On or around 05/12/2022 (Date of last review)

Filing Date: May 11, 2022

This is a securities class action on behalf of all persons or entities who purchased First High-School Education Group Co., Ltd. American Depositary Shares in or traceable to the Company’s March 2021 initial public offering.

According to the Complaint, First High-School Education Group Co., Ltd. operates private high schools in Western China and provides for-profit tutoring services.

The Complaint alleges that the IPO’s Registration Statement made inaccurate statements of material fact because the Defendants failed to disclose the following adverse facts that existed at the time of the IPO: (i) that the new rules, regulations, and policies to be implemented by the Chinese government following the Two Sessions parliamentary meetings were far more severe than represented to investors and posed a material adverse threat to First High-School Education and its business; (ii) that contemplated Chinese regulations and rules regarding private education were leading to a slowdown of government approval to open new educational facilities which would have a negative effect on First High-School Education’s enrollment and growth; and (iii) that, as a result, the Registration Statement’s representations regarding First High-School Education’s historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of First High-School Education at the time of the IPO, and were materially false and misleading and lacked a factual basis.

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