17 Education & Technology Group Inc. : American Depositary Shares Securities Litigation
On or around 07/21/2022 (Date of last review)
Filing Date: July 19, 2022
According to the Complaint, 17 Education & Technology Group Inc. purports to be a leading education technology company in the People’s Republic of China (“PRC”) which provides K-12 education services in the PRC, including with an “in-school + after-school” integrated model which provides a smart in-school classroom solution that delivers data-driven teaching, learning and assessment products.
On December 4, 2020, Defendants held the IPO, issuing approximately 27,400,000 American Depositary Shares to the investing public at $10.50 per ADS, pursuant to the Registration Statement.
The Complaint alleges that the IPO Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) Defendant 17EdTech's K-12 Academic AST Services would end less than a year after the IPO; (2) as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17EdTech's core business; and (3) as a result, Defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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