WELLINGTON, Fla., June 12, 2020 /PRNewswire/ -- Barbuto & Johansson, P.A. ("BARJO" or the "Firm") and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) remind investors that they have until June 16, 2020 to contact the Firm to learn more about the class action filed against GSX TECHEDU, INC. (NYSE: GSX), and appointment of Lead Plaintiff.
The Class Action, ZEQIU WU v. GSX TECHEDU INC., et al., Case No.: 2:20-cv-04457, was filed in the US District Court for the District of New Jersey on behalf of shareholders alleging violations of federal securities laws. The complaint alleges, in part, that GSX overstated its profitability, revenue, student enrollment figures, teacher qualifications, and teacher selection process. Then on April 14, 2020, Citron Research published a report highlighting additional allegations, including that GSX's "2019 revenue was overstated by 70%" and stating that GSX is the "most blatant Chinese stock fraud since 2011." On May 18, 2020, Muddy Waters Research published a report stating that GSX is a "massive loss-making business" and "is a near-total fraud." Most recently, on June 2, 2020, Grizzly Research echoed Muddy Waters' investigation when it announced that it believes most of GSX's students are fake, and that student enrollment and revenue are overstated by 900%.
If you purchased shares of GSX anytime after June 6, 2019 and would like to discuss your options, including petitioning the court for a leadership position, you may, without obligation or cost, contact Anthony Barbuto, at (888) 715-2520 or via email at email@example.com; or Neil Rothstein via email at firstname.lastname@example.org. Shareholders who have suffered substantial losses are encouraged to contact the Firm. BARJO believes strongly that the choice of a qualified lead plaintiff can have a significant impact on the successful outcome of a case.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
12773 Forest Hill Blvd., 101
Wellington, FL 33414
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