San Diego, CA -- (SBWire) -- 09/03/2021 --Tarena International, Inc is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Tarena International, Inc. (NASDAQ: TEDU), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Tarena International, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
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. filed a Form NT 20-F Notification of inability to timely file a Form 20-F for the fiscal year ended December 31, 2018 with the U.S. Securities and Exchange Commission ("SEC"). Tarena International, Inc. stated that the delay in filing the Form 20-F was due, in part, to, "the independent audit committee of the registrant's board of directors . . . conducting a 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."
Then, on May 17, 2019, Tarena International, Inc. filed a Form 6-K with the SEC announcing that it "received a notification letter from Nasdaq Listing Qualifications [. . .] stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its Annual Report on Form 20-F for the year ended December 31, 2018."
On July 24, 2019, Tarena International, Inc. filed a Form 6-K with the SEC providing an update on the audit committee's independent review of the Company's financial statements, stating in relevant part that the Company "expects that its historical disclosure of its financial results and audited financial statements for its fiscal year ended December 31, 2017, as well as the financial results and audited financial statements for periods prior to 2017, may need to be restated and should not be relied upon, pending the completion of the Independent Audit Committee Review."
Finally, on November 1, 2019, Tarena International, Inc. filed a Form 6-K announcing results of its independent investigation, in which Tarena disclosed, among other things, that the investigation had revealed inaccuracies in the Company's revenues and expenses, conflicts of interest and related party transactions, and interference with external audit processes. Accordingly, Tarena advised that its financial statements from 2014 through 2018 could not be relied upon and would need to be restated.
Shares of Tarena International, Inc. (NASDAQ: TEDU) declined from $21.70 per share in July 2017 to as low as $0.75 per share on December 2, 2019
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) Shareholder Notice: Investigation over Potential Securities Laws Violations
An investigation for investors in Tarena International, Inc. (NASDAQ:TEDU) shares over potential securities laws violations by Tarena International, Inc. was announced.