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17 Education & Technology Group Inc. Proceedings Alert: Kaplan

New York, July 27, 2022 (GLOBE NEWSWIRE)-Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) Is 17 Education & Technology Group Inc. We are investigating billing on behalf of investors (“17EdTech” or “Company”) (NASDAQ: YQ).. On behalf of the purchaser or acquirer of 17EdTech listed securities in accordance with and / or traceable registration notices and prospectuses issued in connection with the initial public offering (“IPO”) of 17EdTech on December 4, 2020. The complaint was submitted.

17EdTech operates as an educational technology company, serving customers in the People’s Republic of China (“PRC”). The company uses online tutoring courses and in-school classroom solutions to provide teachers, students and parents with data-driven teaching, learning and evaluation products. On December 4, 2020, we conducted an IPO and issued approximately 27.4 million American Depositary Receipts (“ADS”) to investors for $ 10.50 per ADS.

On July 23, 2021, the Company “Chinese regulators are considering a series of new regulations on after-school tutoring services …” In response to this news, on July 23, 2021, the company Stock prices fell more than 38% and closed at $ 5.64 per ADS.

Three days later, on June 26, 2021, we announced that we anticipate relevant Chinese regulations and “the compliance measures we take will have a significant negative impact on our business results and outlook.” In the news, ADS closed at $ 1.48 per ADS, down about 26% and closed at $ 4.16 per ADS on July 26, 2021.

Finally, on June 9, 2022, after business hours, we announced our first quarter financial results, reporting a net loss of US $ 3.9 million and a year-on-year decrease in sales of US $ 36.82 million. did. In the news, 17EdTech ADS fell $ 0.65 per share, or more than 21%, closing at $ 2.40 per ADS on June 10, 2022.

Complaints are to state that the registration statement was inadvertently prepared and, as a result, contained false statements of material facts or other facts necessary to prevent the statements from being misleading. Claims to have been omitted. In particular, the complaint alleges that we have failed to raise realistic and existential concerns about the ongoing discussions and actions of the Chinese authorities in relation to our kindergarten-to-high school education services. In addition, the complaint discloses that the registration statement will terminate our kindergarten-to-high school academic AST service within one year of the IPO, and that the Chinese authorities will imminently reduce and / or terminate its core business. Claims not to.

If you are a member of the proposed class, you can move the court By September 19, 2022 To act as the main plaintiff of the alleged class. You don’t have to ask to be the main plaintiff to share the possible recovery.If you would like to discuss a complaint or investigation, please contact us by email pmayer@kaplanfox.com Or call (646) 315-9003.

Kaplan Fox is a leading domestic law firm focused on complex litigation with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey. With over 35 years of experience in complex litigation, Kaplan Fox provides the professional experience and achievements clients demand. By prosecuting proceedings at the federal and state levels, Kaplan Fox has succeeded in shaping the law by winning many important decisions on behalf of its clients. For more information on Kaplan Fox & Kilsheimer LLP, please visit: www.kaplanfox.com..

This press release may be considered a lawyer advertisement in some jurisdictions under applicable law and ethical rules.

If you have any questions about this notice, your rights, or your interests, please contact:

Frederick S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th floor
New York, NY 10022
(646) 315-9003
Email: ffox@kaplanfox.com

Lawrence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
Email: lking@kaplanfox.com

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