The law firm of Wohl & Fruchter LLP announces that it has commenced an investigation into financial reporting errors at New Oriental Education & Technology Group Inc. (New Oriental) (NYSE: EDU).
On July 17, 2012, New Oriental, a Chinese test preparation and online-education provider, announced that it received notice on July 13 that the U.S. Securities and Exchange Commission (SEC) had issued a formal order of investigation into financial reporting by the company. New Oriental stated that it believes the investigation concerns whether it appropriately consolidated the earnings of Beijing New Oriental Education & Technology (Group) Co., Ltd., a “variable interest entity,” into its financial statements.
On this news, EDU shares declined over 34% to close at $14.62 per share on July 17, representing a loss of more than $1.1 billion in shareholder value.
Wohl & Fruchter’s investigation concerns whether officers and directors of New Oriental violated federal securities laws in connection with improper accounting practices giving rise to the SEC investigation.Persons with relevant information, and New Oriental shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140. Additional information is available on our website at: http://www.wohlfruchter.com/cases/edu. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.
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