NEW YORK, Feb. 14, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Gaotu Techedu Inc. f/k/a GSX Techedu (“Gaotu” or the “Company”) HAVE YOU. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether Gaotu and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On July 23, 2021, China unveiled a major overhaul of its education sector, barring companies that teach the curriculum from making profits, raising capital, or going public, effectively ending any potential growth in the for-profit tutoring sector in China becomes.

As a result of this news, the price of Gaotu’s American Depositary Share (“ADS”) fell $6.06 per ADS, or 63.3%, to close at $3.52 per ADS on July 23, 2021.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.

CONTACT:
Robert S Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980