NEW YORK, April 15, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, continues investigating potential securities claims on behalf of shareholders of TAL Education Group (TAL) - Get TAL Education Group Sponsored ADR Class A Report resulting from allegations that TAL may have issued materially misleading business information to the investing public.
On April 7, TAL announced that there was certain employee wrongdoing discovered in the Company's routine internal auditing process. TAL discovered irregularities and violations of the Company's business conduct and internal control policies by an employee in the Company's newly introduced "Light Class" business. Upon such discovery, TAL immediately reported to the local police. The employee has been taken into custody by the local police.
Based upon the Company's routine internal audit, the Company suspects that the employee of question conspired with external vendors to wrongly inflate "Light Class" sales by forging contracts and other documentations. For the fiscal year 2020 ended February 29, 2020, "Light Class" sales accounted for approximately 3% to 4% of the Company's total estimated revenues.
Upon this news, the Company's stocks dropped almost 7% to close at $52.06 on April 8, 2020.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by TAL investors. If you purchased shares of TAL please visit the firm's website at https://www.rosenlegal.com/cases-register-1832.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Laurence Rosen, Esq. Phillip Kim, Esq.The Rosen Law Firm, P.A.275 Madison Avenue, 40 th Floor New York, NY 10016Tel: (212) 686-1060Toll Free: (866) 767-3653Fax: (212) 202-3827 email@example.com firstname.lastname@example.org email@example.com www.rosenlegal.com
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