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

10-26-2021 07:00 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

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

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

An investor, who purchased shares of Gaotu Techedu Inc. (NYSE: GOTU), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Goldman Sachs Group Inc. and Morgan Stanley.

Investors who purchased shares of Gaotu Techedu Inc. (NYSE: GOTU) have certain options and for certain investors are short and strict deadlines running. Deadline: December 20, 2021. NYSE: GOTU investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Both Goldman Sachs and Morgan Stanley are global financial services institutions that served as prime brokers for Archegos Capital Management (“Archegos”), a family office with $10 billion under management, helping Archegos make trades and lending it capital in the form of margin lending.

The plaintiff claims that during one week in late March 2021, investment banks Goldman Sachs and Morgan Stanley traded on inside information by selling large amounts of GOTU stock based on then publicly undisclosed information obtained through their relationship with troubled multi-billion dollar family office Archegos Capital Management.
On July 25, 2021, China released new regulations that ban companies that teach school curriculums from making profits, raising capital or going public.

Shares of Gaotu Techedu Inc. (NYSE: GOTU) declined from $142.7 per share in January 2021 to as low as $2.25 per share on August 23, 2021.

The plaintiff claims that between March 22, 2021 and March 29, 2021, the Defendants Goldman Sachs Group Inc. and Morgan Stanley traded while in possession of material non-public information and that Defendants obtained the material non-public information pursuant to their agreements with Archegos Capital Management's ("Archegos") and as a result of their serving as prime brokers of Archegos, that Defendants knew, recklessly disregarded, or should have known that they owed a fiduciary duty, or obligation arising from a similar relationship of trust and confidence, to Archegos to keep the information confidential, that nevertheless, while in possession of material, non-public adverse information, Defendants collectively sold billions of dollars' worth of Gaotu Techedu Inc. (GOTU) shares.

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

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 lawsuits, 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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