PHILADELPHIA, April 08, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is making investors aware that on April 7, 2020, TAL Education Group (“TAL Education” or the “Company”) (: TAL), “a leading K-12 after-school tutoring services provider in China,” announced that the Company discovered “. . . certain employee wrongdoing . . . in the Company’s routine internal auditing process. TAL discovered irregularities and violations of the Company’s business conduct and internal control policies by an employee in the Company’s newly introduced ‘Light Class’ business. Upon such discovery, TAL immediately reported to the local police. The employee has been taken into custody by the local police.”
TAL Education also reported that “[b]ased upon the Company’s routine internal audit, the Company suspects that the employee of question conspired with external vendors to wrongly inflate ‘Light Class’ sales by forging contracts and other documentations. For the fiscal year 2020 ended February 29, 2020, ‘Light Class’ sales accounted for approximately 3% to 4% of the Company’s total estimated revenues.”
On this news, shares of TAL dropped significantly, thereby injuring TAL Education investors.
TAL Education investors who purchased, or otherwise acquired, TAL securities and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], to discuss potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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