SHAREHOLDER ALERT: Law firm Pomerantz is investigating claims on behalf of investors from Tarena International, Inc.
NEW YORK, July 1, 2021 / PRNewswire / – Pomerantz LLP is investigating claims on behalf of investors in Tarena International, Inc. (âTarenaâ or the âCompanyâ) (NASDAQ: TEDU). These investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The purpose of the investigation is to determine whether Tarena and any of its officers and / or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
At April 30, 2019, Tarena has filed Form NT 20-F Notification of Failure to Timely File Form 20-F for the Closed Fiscal Year December 31, 2018 with the United States Securities and Exchange Commission (âSECâ). The company said the delay in filing Form 20-F was due, in part, to the “independent audit committee of the registrant’s board of directors.” . . registrant’s financial statements for the fiscal year ended December 31, 2018, including issues related to registrant income recognition. “
Following this news, the price of Tarena’s US depositary stock (“ADS”) fell. $ 0.06 by ADS, i.e. 1.2%, to close at $ 5.02 by ADS on May 1, 2019.
Then on May 17, 2019, Tarena filed a Form 6-K with the SEC announcing that she “received a notification letter from Nasdaq Listing Qualifications [. . .] stating that the company was not in compliance with Nasdaq Listing Rule 5250 (c) (1) due to its inability to timely file its annual report on Form 20-F for the fiscal year ended December 31, 2018. â
On this news Tarena’s ADS price dropped $ 0.19 by ADS, or 4.8%, to close at $ 3.73 by ADS on May 20, 2019.
At July 24, 2019, Tarena has filed a Form 6-K with the SEC providing an update on the independent review of the Company’s financial statements by the audit committee, indicating in the relevant section that the Company “expects that its historical disclosure of its financial results and audited financial statements for its fiscal year ended December 31, 2017, as well as the financial results and audited financial statements for periods prior to 2017, may need to be restated and should not be relied upon, pending completion of the independent audit committee’s review. “
On this news Tarena’s ADS price dropped $ 0.08 by ADS, or 4.7%, to close at $ 1.63 by ADS on July 25, 2019.
Finally, on November 1, 2019, Tarena filed a Form 6-K announcing the results of its independent investigation, in which Tarena disclosed, among other things, that the investigation revealed inaccuracies in the Company’s income and expenses, conflicts of interest and transactions with related parties; and interference with the external audit process. Therefore, Tarena indicated that her financial statements from 2014 to 2018 could not be relied on and should be restated.
The Pomerantz firm, with offices in new York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class actions bar, the Pomerantz law firm was a pioneer in the field of class actions in securities. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext 7980
View original content to download multimedia: https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-tarena-international -inc — tedu-301324824.html
SOURCE Pomerantz LLP