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YQ.US
id: 254
C.D. California
Court22-CV-04937
Case numberOn July 23, 2021, Chinese authorities banned after-school tutoring companies such as 17 Education & Technology Group Inc. from making profits, raising capital, or going public. These measures formally ended any potential growth in the for-profit tutoring sector in the PRC.
On that news, the price of 17 Education & Technology ADRs fell more than 38% to $5.64.
There are grounds to believe that the Company knew about Chinese authorities’ plans to restrict 17 Education & Technology Group Inc. core businesses and it was not disclosed in the company’s IPO documents for its December 4, 2020, IPO. which damaged the investors in 17 Education & Technology Group Inc.’s ADRs.
Case Status
Dismissed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Investment Bank
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07/23/2021