YQ Class Action Complaint Filed: Johnson Fistel, Globally-Recognized Law Firm Encourages Shareholders to Submit Their 17 Education Losses
SAN DIEGO, July 27, 2022 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of 17 Education & Technology Group Inc. (“17EdTech” or the “Company”) (NASDAQ: YQ). The class action is on behalf of shareholders who purchased or otherwise acquired 17EdTech securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with 17EdTech December 2020 initial public offering (the “IPO” or “Offering”). Investors are hereby notified that they have until September 26, 2022 to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
There is no cost or obligation to you.
The Complaint alleges that the Registration Statement featured 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 IPO; (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. When the true details entered the market, the lawsuit claims that investors suffered damages.
A lead plaintiff will act on behalf of all other class members in directing the 17EdTech class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the 17EdTech class action lawsuit is not dependent upon serving as lead plaintiff. For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com