San Diego, CA -- (SBWire) -- 07/06/2021 --An investor, who purchased NASDAQ: TEDU shares, filed a lawsuit against Tarena International, Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Tarena International, Inc. (NASDAQ: TEDU) have certain options and for certain investors are short and strict deadlines running. Deadline: August 23, 2021. NASDAQ: TEDU investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
China based Tarena International, Inc., through its subsidiaries, provides professional education services through full-time and part-time classes under the Tarena brand in the People's Republic of China.
On April 30, 2019, Tarena International, Inc revealed that it could not timely file its fiscal 2018 annual report due to an ongoing "review of certain issues identified during the course of the audit of the registrant's financial statements for the year ended December 31, 2018, including issues related to the registrant's revenue recognition."
On May 17, 2019, the Company disclosed that it was notified Tarena International, Inc was not in compliance with NASDAQ listing rules due to the failure to timely file its 2018 annual report.
On July 24, 2019, Tarena International, Inc disclosed that it expected that fiscal 2017 and prior periods "may need to be restated and should not be relied upon, pending the completion of the Independent Audit Committee Review."
On November 1, 2019, Tarena International, Inc announced the results of its investigation, including a list of revenue inaccuracies for fiscal years 2014 through 2018, expense inaccuracies and irregularities, and undisclosed related party transactions. Tarena further disclosed that it "anticipates that the total amount of revenue misstatement between fiscal years 2014 through 2018 to be less than RMB900 million, representing approximately 11.5% of the total revenue previously reported by the Company for such period."
Shares of Tarena International, Inc. (NASDAQ: TEDU) declined from $21.70 per share in July 2017 to as low as $0.765 per share in December 2019.
The plaintiff claims that between August 16, 2016 and November 1, 2019, the defendants made false and/or misleading statements and/or failed to disclose that certain employees were interfering with external audits of Tarena's financial statements for certain periods, that Tarena suffered from revenue and expense inaccuracies, that Tarena engaged in business transactions with organizations owned, invested in or controlled by Tarena employees or their family members, which in some instances were not properly disclosed by Tarena, that as a result of the foregoing, Tarena's financial statements from 2014 through the end of Class Period were not accurate, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Tarena International, Inc. (NASDAQ: TEDU) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Tarena International, Inc. (NASDAQ:TEDU) Investor Notice: Lawsuit Alleges Securities Laws Violations
A lawsuit was filed on behalf of investors in Tarena International, Inc. (NASDAQ:TEDU) shares over alleged securities laws violations.