The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of 17 Education & Technology Group Inc. who purchased securities pursuant and/or traceable to documents issued in connection with 17EdTech's December 2020 initial public offering.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that:
(1) 17EdTech’s K-12 Academic AST Services would end less than a year after the Company’s initial public offering; (2) as part of its ongoing regulatory efforts, Chinese authorities would imminently curtail and/or end 17EdTech’s core business; and (3) 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 19, 2022 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.