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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Tarena International, Inc. (TEDU) Investors

June 29, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Jun 29, 2021--

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Tarena International, Inc. (“Tarena” or the “Company”) (NASDAQ: TEDU ) securities between August 16, 2016 and November 1, 2019, inclusive (the “Class Period”). Tarena investors have until August 23, 2021 to file a lead plaintiff motion.

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If you suffered a loss on your Tarena 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 https://www.glancylaw.com/cases/tarena-international-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On April 30, 2019, Tarena revealed that it could not timely file its fiscal 2018 annual report due to an ongoing “review of certain issues identified during the course of the audit of the registrant’s financial statements for the year ended December 31, 2018, including issues related to the registrant’s revenue recognition.”

On this news, Tarena’s American Depositary Shares (“ADSs”) price fell 1.2%, to close at $5.02 per ADS on May 1, 2019, thereby damaging investors.

On May 17, 2019, the Company disclosed that it was notified Tarena was not in compliance with NASDAQ listing rules due to the failure to timely file its 2018 annual report.

On this news, Tarena’s ADSs fell 4.8%, to close at $3.73 per ADS on May 20, 2019, thereby damaging investors.

On July 24, 2019, Tarena disclosed that it expected that fiscal 2017 and prior periods “may need to be restated and should not be relied upon, pending the completion of the Independent Audit Committee Review.”

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On this news, Tarena’s ADSs fell 4.7%, to close at $1.63 per ADS on July 25, 2019, thereby damaging investors.

Finally, on November 1, 2019, Tarena announced the results of its investigation, including a list of revenue inaccuracies for fiscal years 2014 through 2018, expense inaccuracies and irregularities, and undisclosed related party transactions. Tarena further disclosed that it “anticipates that the total amount of revenue misstatement between fiscal years 2014 through 2018 to be less than RMB900 million, representing approximately 11.5% of the total revenue previously reported by the Company for such period.”

On this news, Tarena’s ADSs dropped 9.4%, to open on November 4, 2019, the next trading day, at $0.76, thereby damaging investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) certain employees were interfering with external audits of Tarena’s financial statements for certain periods; (2) Tarena suffered from revenue and expense inaccuracies; (3) Tarena engaged in business transactions with organizations owned, invested in or controlled by Tarena employees or their family members, which in some instances were not properly disclosed by Tarena; (4) as a result of the foregoing, Tarena’s financial statements from 2014 through the end of Class Period were not accurate; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired the Company’s securities during the Class Period, you may move the Court no later than August 23, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210629005283/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2021.

PUB: 06/29/2021 12:30 PM/DISC: 06/29/2021 12:32 PM

http://www.businesswire.com/news/home/20210629005283/en