Gaotu Techedu, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
MoffettNathanson published a report on March 25, 2021, questioning ViacomCBS’s value, downgrading the stock to a “sell,” setting a price target of only $55 per share, in comparison to the company’s $85 offer. On Friday, March 26, 2021, ViacomCBS’s stock fell dramatically following that report, and closed at $48 per share. It was required to maintain a certain amount of collateral to avoid triggering a margin call, since Archegos had traded ViacomCBS on margin. It was reported on March 27, 2021 that Archegos failed to cover and, as a result, on Friday, March 26, 2021 more than $20 billion of its leveraged equity positions had to be liquidated.
Then, CNBC.com reported on Friday, March 26, 2021 that “Morgan Stanley sold about $5 billion in shares from Archegos’ doomed bets on U.S. media and Chinese tech names to a small group of hedge funds late Thursday, March 25,” prior to the MoffettNathanson report reaching the public. It is also reported in this article that Goldman Sachs quickly disposed of its shares related to Archegos. These sales by Defendants were made with confidential, insider information, including that Gaotu was among the few securities Archegos had to liquidate, and allowed Defendants to unlawfully avoid billions of dollars in losses combined.
