17 EDUCATION AND TECHNOLOGY GROUP INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman … | New
NEW YORK, July 31 12, 2022 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors who have purchased or otherwise acquired American Depositary Receipts (“ADRs”) from 17 Education & Technology Group Inc. (NASDAQ: YQ) (“17 EdTech”) pursuant to the registration statement and related prospectus (collectively, the “Statement registration”)) issued in connection with the IPO of 17 EdTech in December 2020 (the “IPO”).
Any investors who have purchased 17 Education & Technology Group Inc. ADRs and have incurred losses are urged to contact the company immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You can get additional information about the action or join the case on our website, www.whafh.com.
If you suffered losses in the ADRs of 17 Education & Technology Group Inc., you may, no later than September 19, 2022, ask the court to name you as lead plaintiff in the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADRs of 17 Education & Technology Group Inc.
PLEASE CLICK HERE TO JOIN THE CASE
According to the complaint filed, the registration statement contained false and/or misleading statements and/or failed to state that:
- Defendant 17 EdTech’s Academic K-12 AST Services Would End Less Than a Year After IPO;
- as part of its ongoing regulatory efforts, Chinese authorities would impending reduction and/or termination of 17 EdTech’s core business; and
- accordingly, defendants’ statements about the company’s business, operations and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
On December 4, 2020, 17 EdTech released its ADR IPO, selling approximately 27,400,000 ADRs at $10.50 per ADR, which when adjusted for the reverse split (1:4) on November 21, 2021 , is $44.00 per ADR. Since the IPO, 17 EdTech ADRs have traded as low as $0.88 per ADR and are currently trading at $1.94 per ADR.
Wolf Haldenstein has extensive experience in prosecuting securities class action and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. This firm’s reputation and expertise in shareholder litigation and other class actions have been repeatedly recognized by the courts, which have appointed it to major positions in complex, multi-district and consolidated securities litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein immediately by phone at (800) 575-0735, by email at [email protected], or visit our site Web at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Business and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
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