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On 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.

17 Education Technology Group Inc

Attorney Investigation

Misleading Statements

Failure to Disclose

Breach of Fiduciary duty

Omissions

Directors

Management

Investment Bank

Stocks

Long

17 Education & Technology Group Inc., an education technology company, provides education and education technology services in the People's Republic of China. The company offers other educational products and services, including membership-based premium educational content subscriptions for educational contents, light courses, Chinese reading, math oral arithmetic, reading machines, study plans, and related services. It also provides teaching and learning SaaS solutions, such as education informatization services for education-related government entities, schools, and service providers. The company was incorporated in 2012 and is headquartered in Beijing, the People's Republic of China.

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