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Lawsuit filed for Investors in shares of GSX Techedu Inc. (NYSE: GSX)

04-23-2020 07:25 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in GSX Techedu Inc. (NYSE: GSX) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in GSX Techedu Inc. (NYSE: GSX) shares over alleged securities laws violations.

An investor, who purchased shares of GSX Techedu Inc. (NYSE: GSX), filed a lawsuit over alleged violations of Federal Securities Laws by GSX Techedu Inc.

Investors who purchased shares of GSX Techedu Inc. (NYSE: GSX) have certain options and for certain investors are short and strict deadlines running. Deadline: June 16, 2020. NYSE: GSX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based GSX Techedu Inc., a technology-driven education company, provides online K-12 after-school tutoring services in the People's Republic of China.

On February 25, 2020, a report was published highlighting multiple alleged issues with GSX's business and financial operations. Specifically, Report alleged, among other issues, that the Company "has been drastically overstating its profitability in its US public filings, especially for 2018"; the report "found multiple strong indications of past and current order 'brushing,'" which are "essentially fake student enrollments to boost student count"; "many of GSX's reported students do not actually exist"; and "[w]hile [GSX] touts its high-quality teacher recruitment mechanism, [the report] found a sign-up website that was not functional, multiple allegations of GSX hiring teachers right out of college with no prior experience, and fabricated teachers profiles."

On April 14, 2020, a report was issued on GSX Techedu Inc. entitled "GSX Techedu Inc - The Most Blatant Chinese Stock Fraud since 2011." The Report alleged that GSX Techedu Inc. "is overstating revenue by up to 70% and should immediately halt trading and launch an internal investigation."

Shares of GSX Techedu Inc. (NYSE: GSX) declined on April14, 2020 to as low as $28.29 per share.

The plaintiff claims that between June 6, 2019, and April 13, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that GSX Techedu Inc overstated its profitability, revenue, student enrollment figures, teacher qualifications, and teacher selection process, that the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Company's financial results, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of GSX Techedu Inc. (NYSE: GSX) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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