Robbins Arroyo LLP: RYB Education, Inc. (RYB) Misled Shareholders According to Class Action
SAN DIEGO & BEIJING--(BUSINESS WIRE)--Nov 27, 2018--Shareholder rights law firm Robbins Arroyo LLP informs shareholders that purchasers of RYB Education, Inc. (NYSE: RYB) filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1933 pursuant to the company’s September 2017 initial public offering (“IPO”). RYB provides early childhood education service in the People’s Republic of China.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/ryb-education-inc/
RYB Accused of Subjecting Children to Unsafe Conditions
According to the complaint, on September 27, 2017, RYB offered 5.5 million American Depositary Shares (“ADSs”) at a price of $18.50, raising $90.1 million in net proceeds. RYB’s registration statement touted the company’s “high standards in selecting, certifying and training” its teaching staff and the “stringent” vetting process that each teaching candidate must complete before becoming an RYB teacher. However, RYB employed uncertified teachers and the company’s surveillance technology was not adequately implemented or monitored at several of its learning centers. On November 24, 2017, Reuters reported that Chinese police were investigating claims of sexual molestation and needle marks on children at an RYB kindergarten in Beijing. RYB’s ADS price plummeted on this news, and currently trades at 55% below the IPO price.
RYB Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181127005898/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES ASIA PACIFIC NORTH AMERICA CHINA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2018.
PUB: 11/27/2018 06:40 PM/DISC: 11/27/2018 06:40 PM