June 7, 2021 - The court preliminarily approved the settlement.

June 1, 2020 - A stipulation of settlement was filed by the parties.

August 19, 2019 - A second amended complaint was filed.

July 3, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

July 31, 2017 - A motion to dismiss the amended complaint was filed.

May 30, 2017 - An amended complaint was filed.

December 15, 2016 - An investor in shares of New Oriental Education & Tech Grp (ADR) (NYSE: EDU) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by New Oriental Education & Tech Grp in connection with certain allegedly false and misleading statements made between September 27, 2016 and December 1, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of New Oriental Education & Tech Grp (ADR) (NYSE: EDU) common shares between September 27, 2016 and December 1, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 27, 2016 and December 1, 2016, defendants allegedly made false and/or misleading statements and/or failed to disclose that New Oriental Education & Tech Grp engaged in college application fraud, and that as a result, defendants’ statements about New Oriental Education & Tech Grp’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. New Oriental Education & Tech Grp reported that its Total Revenue rose from over $1.24 billion for the 12 months period that ended on May 31, 2015 to over $1.47 billion for the 12 months period that ended on May 31, 2016 and that its Net Income for those respective time periods increased from $193.01 million to $224.88 million.

On December 2, 2016, an article was published that alleged that New Oriental Education & Tech Grp has been accused of engaging in college application fraud. The article stated that “[e]ight former and current New Oriental employees…told Reuters the firms have engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” Shortly thereafter on the same day, Reuters published an article announcing that in the wake of its earlier report detailing allegations of academic fraud at New Oriental Education & Tech Grp, the American International Recruitment Council (“AIRC”) stated that it “will investigate the company in response to the report”, and the AIRC’s president-elect called the allegations “highly concerning.” Shares of New Oriental Education & Tech Grp (ADR (NYSE: EDU) dropped on December 2, 2016, to as low as $37.16 per share.