LOS ANGELES–(BUSINESS WIRE)–$STG #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Sunlands Technology Group (“Sunlands Technology” or the “Company”) (NYSE: STG) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Sunlands Technology’s March 2018 initial public stock offering (the “IPO” or the “Offering”). Sunlands Technology investors have until August 26, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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 Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On March 23, 2018, the Company completed its Initial Public Offering, issuing 13 million shares at $11.50 per share.
On May 28, 2019, the Company disclosed that new student enrollments declined during first quarter 2019 and gross billings fell 28.6% year-over-year due to “softer marketing tactics and expanded trial programs.”
Since the IPO, shares of Sunlands Technology have traded as low as $2.28 per ADS, a loss of more than 80% from the $11.50 IPO price.
The complaint filed in this class action 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: (1) Sunlands Technology’s student enrollment was declining; (2) Sunlands Technology’s gross billings were declining; (3) Sunlands Technology’s marketing tactics were not as robust as described in the Registration Statement; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased shares of Sunlands Technology during the Class Period you may move the Court no later than August 26, 2019 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 Lesley Portnoy, 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 [email protected], 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.
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