This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against New Oriental Education & Technology Group Inc.

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the securities of New Oriental Education & Technology Group Inc. (“New Oriental Education” or the “Company”) (NYSE: EDU) between July 21, 2009 and July 17, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).

If you purchased the American Depository Shares (“ADSs”) of New Oriental Education during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/new-oriental-education-technology-group-inc-edu.

New Oriental Education, a Chinese corporation headquartered in Beijing, China, is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges (1) that the Company lacked a sufficient basis for the consolidation of Beijing New Oriental Education & Technology (Group) Co., a variable interest entity of the Company, and its wholly-owned subsidiaries, into New Oriental Education’s consolidated financial statements; (2) that, as a result, the Company was improperly consolidating Beijing New Oriental Education & Technology (Group) Co., Ltd., into New Oriental Education’s consolidated financial statements; (3) that, contrary to the Company’s representations, New Oriental Education’s entire store network is not company-owned because New Oriental Education has numerous franchisees; (4) that upfront franchise and other fees had inflated New Oriental Education’s cash balances; (5) that the schools that conduct New Oriental Education’s operations were ultimately state property; (6) that, as a result of the foregoing, the Company’s financial results were misstated during the Class Period; (7) that the Company lacked internal and financial controls; and (8) that, as a result, the Company’s financial statements and financial results were materially false and misleading at all relevant times. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,923.16 -37.41 -0.22%
S&P 500 1,971.50 -6.84 -0.35%
NASDAQ 4,425.9020 -23.6620 -0.53%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs