#Class actio suit against the author incubator registration
Specifically, the Zhangmen Education class action lawsuit alleges that the IPO's Registration Statement failed to disclose that: (a) PRC authorities were in the process of implementing sweeping new regulatory reforms on the private education industry in China including, among others, prohibitions on: (i) profit-making by private education companies, (ii) engaging in core-curriculum tutoring on weekends and vacations, and (iii) capital-raising by companies like Zhangmen Education (b) the known risks, events, and uncertainties noted in the Registration Statement were reasonably likely to have a material adverse effect on Zhangmen Education's business and (c) based on the foregoing, the statements in the Registration Statement concerning Zhangmen Education's historical financial performance, market demand, and industry trends were materially incomplete, inaccurate, and misleading.
But as the Zhangmen Education class action lawsuit alleges, the true scope and effect of these proposed measures were known to but undisclosed by defendants prior to the IPO and were reasonably likely to have a material adverse effect on Zhangmen Education's business and future operating results.
In response to these scandals, the Chinese government sought to clean up the industry by adopting stringent new regulations shortly before the Zhangmen Education IPO. The rapid rate of growth in PRC's online education market has led to a sharp rise in fraudulent activity, including false advertising, fabrication of teacher qualifications, exaggerated student performance, and price fraud. Lead plaintiff motions for the Zhangmen Education class action lawsuit must be filed with the court no later than January 18, 2022.ĬASE ALLEGATIONS : Zhangmen Education provides personalized online tutoring services to K-12 students in the People's Republic of China (“PRC”). Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at. If you wish to serve as lead plaintiff of the Zhangmen Education class action lawsuit, please provide your information by clicking here. You can view a copy of the complaint by clicking here. The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. The Zhangmen Education class action lawsuit was filed in the Southern District of New York on Novemand is captioned Banerjee v. The Zhangmen Education class action lawsuit charges Zhangmen Education, certain of its top executives, and the underwriters of the IPO with violations of the Securities Act of 1933. (NYSE: ZME) American Depositary Shares (“ADSs”) in or traceable to Zhangmen Education's initial public offering conducted on or about J(“IPO”), pursuant to the IPO prospectus (the“Prospectus”) and Form F-1 registration statement, as amended (together with the Prospectus, the“Registration Statement”).
23, 2021 (GLOBE NEWSWIRE) - Robbins Geller Rudman & Dowd LLP filed a class action lawsuit seeking to represent purchasers or acquirers or Zhangmen Education Inc. ( MENAFN- GlobeNewsWire - Nasdaq) SAN DIEGO, Nov.
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