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TAL Education Group (NYSE: TAL) Investor Securities Class Action Lawsuit 06/18/2018

  • If you purchased shares of TAL Education Group (NYSE: TAL), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
TAL Education Group
Security
NYSE: TAL

Case Name
TAL Education Shareholder Class Action Lawsuit 06/18/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Class Period End
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Summary

November 25, 2020 - The Court of Appeals reversed the dismissal order.

October 25, 2019 - A notice appealing the dismissal order was filed.

September 25, 2019 - The court granted the defendants' motion to dismiss.

February 26, 2019 - A motion to dismiss the amended complaint was filed.

January 3, 2019 - An amended complaint was filed.

June 18, 2018 - An investor in shares of TAL Education Group (NYSE: TAL) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by TAL Education Group in connection with certain allegedly false and misleading statements made between April 26, 2018 and June 13, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of TAL Education Group (NYSE: TAL) common shares between April 26, 2018 and June 13, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 26, 2018 and June 13, 2018, the defendants failed to disclose, that the Company overstated its net income, that the Company’s net income was deteriorating, and that, as a result of the foregoing, defendants’ statements about TAL Education Group’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

China based TAL Education Group, through its subsidiaries, provides K-12 after-school tutoring services in the People's Republic of China. TAL Education Group reported that its Total Revenue rose from 619.94 million for the 12 months period that ended on February 29, 2016 to over 1.04 billion for the 12 months period that ended on February 28, 2017, and that Net Income over those respective time periods increased from 102.87 million to 116.88 million.

On June 13, 2018, Carson Block told Bloomberg that TAL Education Group is “a real business but its profits are fraudulent.” According to a report on Muddy Waters’ website TAL Education Group began fraudulently creating profits as early as fiscal year 2016, by inputting more favorable numbers along with engaging in more sophisticated asset parking transactions.

Shares of TAL Education Group (NYSE: TAL) declined on June 18, 2018 to $37.80 per share.