Gaotu Techedu Inc.
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Gaotu is a technology-driven education company providing online K-12 after-school tutoring services in China. The plaintiff alleges that the company made false and misleading statements by failing to disclose that China was banning tutoring for profit in core school subjects, which would have a negative impact on Gaotu’s operations, profitability, and securities value. This news caused Gaotu’s share prices to fall by over 63% on July 23, 2021. Additionally, a Financial Times article revealed that executives at GSX Techedu cashed out shares worth up to $119m just three days after China’s ban on tutoring for profit was announced, while the same block of shares would be worth only $4m on November 6, 2021.