LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of First High-School Education Group Co., Ltd. (“FHS” or the “Company”) (NYSE: FHS) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your FHS investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/first-high-school-education-group-co-ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
In March 2021, FHS conducted its initial public offering (“IPO”), selling 7.5 million American Depository Shares (“ADSs”) at $10 per ADS.
On May 12, 2021, media reported that the impending crackdown by the Chinese government on the online education industry would be more drastic than previously reported. Anticipated regulations included banning on-campus tutoring classes and weekend tutoring, as well as industry-wide fee limitations.
Then, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning for-profit teaching and tutoring companies.
On July 26, 2021, FHS issued a press release stating that it would “follow the spirit of the Opinion and comply with all relevant rules and regulations in providing high school education services.”
Then, on September 28, 2021, FHS announced its financial results for the first half of 2021, revealing a 7.7% decrease in year-over-year revenue.
Then, on April 5, 2022, FHS issued a press release announcing that the Company had received a letter from the NYSE stating that the Company was in non-compliance with the NYSE’s listing requirements because its total market capitalization and stockholders’ equity had fallen below compliance standards.
Then, on May 3, 2022, FHS disclosed that it would not be able to timely file its annual report on Form NT 20-F.
By May 10, 2022, FHS ADSs closed below $1 per ADS, over 90% below the IPO price, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding FHS should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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