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GAOTU TECHEDU SHAREHOLDER ALERT By Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Gaotu Techedu Inc. f/k/a GSX Techedu Inc.

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Press release content from Business Wire. The AP news staff was not involved in its creation.
January 2, 2023 GMT

NEW ORLEANS--(BUSINESS WIRE)--Jan 2, 2023--

Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 28, 2023 to file lead plaintiff applications in a securities class action lawsuit against Gaotu Techedu Inc. f/k/a GSX Techedu Inc. (NYSE: GOTU, GSX), if they purchased the Company’s American depository shares (“ADSs”) between March 5, 2021 and July 23, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.

What You May Do

If you purchased ADSs of Gaotu and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ( lewis.kahn@ksfcounsel.com ), or visit https://www.ksfcounsel.com/cases/nyse-gotu/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by February 28, 2023.

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About the Lawsuit

Gaotu and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On July 23, 2021, Media sources reported that China was prohibiting tutoring for profit in core school subjects in order to ease the financial burden on families, which would be likely to have a negative effect on China’s substantial private tutoring industry.

On this news, ADSs of Gaotu fell 63.3% to close at $3.52 per ADS on July 23, 2021.

The case is Zhang v. Gaotu Techedu Inc. f/k/a GSX Techedu Inc., et al., No. 22-cv-07966.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.

To learn more about KSF, you may visit www.ksfcounsel.com.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20230102005079/en/

CONTACT: Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner

lewis.kahn@ksfcounsel.com

1-877-515-1850

1100 Poydras St., Suite 3200

New Orleans, LA 70163

KEYWORD: UNITED STATES NORTH AMERICA LOUISIANA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Kahn Swick & Foti, LLC

Copyright Business Wire 2023.

PUB: 01/02/2023 11:28 AM/DISC: 01/02/2023 11:28 AM

http://www.businesswire.com/news/home/20230102005079/en