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MarketScreener Homepage  >  Equities  >  Nyse  >  GSX Techedu Inc.    GSX

GSX TECHEDU INC.

(GSX)
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GSX Techedu : Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against GSX Techedu Inc. (GSX)

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04/23/2020 | 11:31am EDT

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 16, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of GSX Techedu Inc. ("GSX" or the Company") (NYSE: GSX) investors who purchased securities between June 6, 2019, and April 13, 2020, inclusive (the “Class Period”).

If you suffered a loss on your GSX investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

On February 25, 2020, Grizzly Research published a report alleging, among other things, that the Company “has been drastically overstating its profitability in its US public filings, especially for 2018” and that Grizzly Research had “found multiple strong indications of past and current order ‘brushing,’” which are “essentially fake student enrollments to boost student count.”

On this news, the price of GSX’s American Depositary Shares (“ADSs”) fell $1.33, or nearly 3%, to close at $44.09 per share on February 25, 2020.

Then, on April 14, 2020, Citron Research issued a report entitled "GSX Techedu Inc – The Most Blatant Chinese Stock Fraud since 2011," alleging that the Company "is overstating revenue by up to 70% and should immediately halt trading and launch an internal investigation."

On this news, the price of GSX’s ADSs fell $0.20 per share, or 0.64%, to close at $31.20 on April 14, 2020.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (i) that GSX overstated its profitability, revenue, student enrollment figures, teacher qualifications, and teacher selection process; (ii) that the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Company’s financial results; and (iii) that as a result, the Company’s public statements were materially false and misleading at all relevant times.

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If you purchased or otherwise acquired GSX securities during the Class Period, you may move the Court no later than June 16, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2020
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Financials
Sales 2020 6 832 M 977 M 977 M
Net income 2020 587 M 83,9 M 83,9 M
Net cash 2020 1 060 M 152 M 152 M
P/E ratio 2020 228x
Yield 2020 -
Capitalization 133 B 19 001 M 19 043 M
EV / Sales 2019
EV / Sales 2020 19,3x
Nbr of Employees 6 435
Free-Float 53,3%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 373,09 CNY
Last Close Price 557,83 CNY
Spread / Highest target 8,49%
Spread / Average Target -33,1%
Spread / Lowest Target -49,3%
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NameTitle
Xiang Dong Chen Chairman & Chief Executive Officer
Nan Shen Chief Financial Officer
Fan Xin Independent Director
Yiming Hu Independent Director
Ming Liao Independent Director
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