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RYB Education Inc – ADR (NYSE: RYB) Investor Securities Class Action Lawsuit 11/27/2017

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Lawsuit Overview

Case Dismissed
Company
RYB Education Inc
Security
NYSE: RYB

Case Name
RYB Education Shareholder Class Action Lawsuit 11/27/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 18, 2018 - A notice of voluntary dismissal without prejudice was filed.

November 27, 2017 - An investor in shares of RYB Education Inc – ADR (NYSE: RYB) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by RYB Education Inc in connection with certain allegedly false and misleading statements made between September 27, 2017 and November 22, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of RYB Education Inc – ADR (NYSE: RYB) common shares between September 27, 2017 and November 22, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 27, 2017 and November 22, 2017, the defendants made materially false and/or misleading statements and/or failed to disclose that RYB Education Inc failed to establish safety policies to prevent sexual abuse from occurring at its schools, that RYB Education Inc’s failure to remedy problems within its system exposed children to harm and unreasonable risk of harm while in its care, and that as a result of the foregoing, RYB Education Inc securities traded at artificially inflated prices between September 27, 2017 and November 22, 2017.

RYB Education Inc is engaged in providing early childhood education services in China. The Company develops various educational products and services, such as teaching aids, educational toys and at-home education products and services.

On November 24, 2017, various news outlets reported that police have opened an investigation into RYB Education Inc after numerous parents accused a RYB Education Inc nursery of drugging and molesting their children. Beijing’s education authority confirmed the police investigation in a statement. According to Xinhua, RYB Education has suspended multiple teachers at RYB Education New World after kindergarten students claimed that they had been given unidentified pills and brown syrup, and forced to undress and locked in a dark room. Parents reported that at least eight children have been abused at the school and that the children are giving similar accounts of what occurred.

Shares of RYB Education Inc – ADR (NYSE: RYB) declined to as low as $16.45 per share on November 24, 2017.