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YQ.US
id: 254
C.D. California
Court
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.
Case Status
Attorney Investigation
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
23 July 2021
Collecting participants…

17 Education Technology Group Inc

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 p...

    Ticker
    YQ.US
    ISIN
    US81807M2052
    CIK
    1821468
    Sector
    Consumer Defensive
    Industry
    Education & Training Services
    Country
    USA
    Address
    Block B, Wangjing Greenland Center, Beijing, China, 100102