NEW ORLEANS, Feb. 21, 2023 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they to have February 28, 2023 Lead Plaintiff’s Motions in a Securities Class Action Against Gaotu Techedu Inc. f/k/a GSX Techedu Inc. GOT YOU GSX))) if they purchased the Company’s American Depository Shares (“ADSs”) between March 5, 2021 and July 23, 2021 inclusive (the “Collection Period”). This lawsuit is pending in the United States District Court for the Eastern District of New York.

What you can do

If you have purchased ADSs from Gaotu and would like to discuss your legal rights and how this case may affect you and your right to compensation for your economic loss, you can contact KSF Managing Partner Lewis Kahn toll-free, without obligation and at no cost to you, 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 be a lead plaintiff in this class action lawsuit, you must file a petition with the court February 28, 2023.

About the lawsuit

Gaotu and some of his executives are accused of failing to disclose material information during the class-action period in violation of federal securities laws.

On July 23, 2021, media sources reported that China is banning for-profit tutoring in core school subjects to ease the financial burden on families, which would likely negatively impact China’s sizeable private tutoring industry.

On the news, Gaotu’s ADSs 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, which partners with former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation firms. KSF serves a variety of clients – including public institutional investors, hedge funds, asset managers and private clients…