17 EDUCATION & TECHNOLOGY GROUP INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed against 17 Education & Technology Group Inc. in the United States District Court for the Central District of California
LEAD PLAINTIFF DEADLINE IS SEPTEMBER 19, 2022
NEW YORK, July 26, 2022 /PRNewswire/ -- 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 purchased or otherwise acquired the American Depositary Receipts ("ADR's) of 17 Education & Technology Group Inc. (NASDAQ: YQ) ("17 EdTech") pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with 17 EdTech's December 2020 initial public offering (the "IPO").
All investors who purchased the ADR's of 17 Education & Technology Group Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADR's of 17 Education & Technology Group Inc., you may, no later than September 19, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADR's of 17 Education & Technology Group Inc.
PLEASE CLICK HERE TO JOIN CASE
According to the filed complaint, the Registration Statement featured false and/or misleading statements and/or failed to disclose that:
- Defendant 17 EdTech's K-12 Academic AST Services would end less than a year after the IPO;
- as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17 EdTech's core business; and
- as a result, Defendants' statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 4, 2020, 17 EdTech issued its IPO of ADR's, selling approximately 27,400,000 ADR's 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's 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 the prosecution of securities class actions 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. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
