FIRST HIGH-SCHOOL EDUCATION GROUP CO., LTD.

(FHS)
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06/24FIRST HIGH SCHOOL EDUCATION : Announces Receipt of NYSE Non-Compliance Letter Regarding ADS Trading Price - Form 6-K
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06/24First High-School Education Group Gets Non-Compliance Letter From NYSE
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05/17First High-School Education Group Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2022
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Shareholder Alert: Robbins LLP Informs Shareholders of Class Action Against First High-School Education Group Co., Ltd. (FHS)

05/13/2022 | 08:25pm EDT

The Class: Shareholder rights law firm Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased First High-School Education Group Co., Ltd. (NYSE: FHS) American Depository Shares in the Company's March 2021 initial public offering ("IPO"). The complaint alleges violations of the Securities Act of 1933. FHS operates private high schools in Western China and provides for-profit tutoring services.

If you would like more information about First High-School Education Group Co., Ltd's misconduct, click here.

What is this Case About: First High-School Education Group Co., Ltd. (FHS) Misled Investors in Connection with the Company's IPO

According to the complaint, the Registration Statement in support of the Company's IPO highlighted the Company's "steady growth" and stated that FHS is "well-positioned to seize the enormous and sustainable demand for high-quality high schools in China." The Registration Statement also stated that the private secondary education industry in China experienced a “CAGR of 18.4%” from 2014 to 2019 and was on track to achieve a “CAGR of 24.9%” from 2019 to 2024, and represented that this sustained growth was due to a variety of positive factors impacting FHS’s business.

However, defendants failed to disclose certain adverse facts that existed at the time of the IPO. Specifically, that the new rules, regulations, and policies to be implemented by the Chinese government following the Two Sessions parliamentary meetings – held prior to the IPO – were far more severe than represented to investors and posed a material adverse threat to the Company and its business. Further, contemplated Chinese regulations and rules regarding private education were leading to a slowdown of government approval to open new educational facilities, which would have a negative effect on FHS’s enrollment and growth. In complying with the new policies, FHS took a financial hit.

On April 5, 2022, FHS issued a press release announcing it had received a letter from the NYSE stating that the Company was in non-compliance with the NYSE's listing requirements because its total market capitalization and stockholders' equity had fallen below compliance standards. On May 3, 2022, FHS filed a notice with the SEC that it would not be able to timely file its annual report on Form NT 20-F. On May 10, 2021, FHS ADSs closed below $1 per ADS – more than 90% below the price at which they were sold just more than one year previously.

Next Steps: If you acquired shares of First High-School Education Group Co., Ltd. pursuant to the Company's March 2021 IPO, you have until July 11, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against First High-School Education Group Co., Ltd. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.


© Business Wire 2022
All news about FIRST HIGH-SCHOOL EDUCATION GROUP CO., LTD.
06/24FIRST HIGH SCHOOL EDUCATION : Announces Receipt of NYSE Non-Compliance Letter Regarding AD..
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06/24First High-School Education Group Gets Non-Compliance Letter From NYSE
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05/10First High-School Education Group Filed Annual Report on Form 20-F for Fiscal Year 2021
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Analyst Recommendations on FIRST HIGH-SCHOOL EDUCATION GROUP CO., LTD.
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Financials
Sales 2021 400 M 59,8 M 59,8 M
Net income 2021 52,7 M 7,88 M 7,88 M
Net cash 2021 16,9 M 2,53 M 2,53 M
P/E ratio 2021 5,42x
Yield 2021 -
Capitalization 161 M 24,0 M 24,0 M
EV / Sales 2020 -
EV / Sales 2021 0,68x
Nbr of Employees 1 916
Free-Float 45,8%
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Number of Analysts 0
Last Close Price 0,83
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Managers and Directors
Shao Wei Zhang Chairman & Chief Executive Officer
Tommy Zhou Chief Financial Officer & Director
Guang Zhou Zhao Independent Director
Yuanlin Hu Independent Director
Ning Zhou Independent Director