SAN FRANCISCO, Nov. 23, 2021 /PRNewswire/ — Hagens Berman urges Zhangmen Education Inc. (NYSE: ZME) investors with significant losses to submit your losses now, Women Beauty.
Hagens Berman Sobol Shapiro LLP
Class Period: June 5, 2021 – Nov. 19, 2021 Lead Plaintiff Deadline: Jan. 18, 2021 Visit: www.hbsslaw.com/investor-fraud/ZME Contact An Attorney Now: ZME@hbsslaw.com 844-916-0895
Zhangmen Education Inc. (ZME) Securities Class Action:
The litigation focuses on Zhangmen’s statements leading up to its initial public offering conducted in early June 2021 about material risks the company faced concerning the Peoples Republic of China’s crackdown on for-profit tutoring companies.
More specifically, the IPO offering documents emphasized the strong growth and market demand in the PRC for Zhangmen’s online K-12 one-on-one tutoring services.
According to the complaint, Defendants’ statements were materially false and misleading because they failed to disclose the PRC was implementing sweeping new regulatory reforms that prohibited (1) profit-making by private education companies, (2) engaging in core-curriculum tutoring during weekends and vacations, and (3) capital-raising by companies like Zhangmen.
Defendants’ statements were brought into serious question beginning on July 23, 2021 (less than two months after the IPO), when the PRC unveiled its overhaul of its education sector, banning companies that teach school curriculum from making profits, raising capital or going public.
Zhangmen soon admitted the overhaul would materially and negatively impact nearly all aspects of its business and that all existing PRC education system providers, like Zhangmen, are subject to review and re-registration as non-profit organizations.
These events sent the price of Zhangmen shares sharply below its $11.50 IPO price.
“We’re focused on investors’ losses and proving Zhangmen concealed the PRC reforms that were underway at the time of its IPO, reforms that essentially invalidated its business model,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Zhangmen and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Zhangmen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:ZME@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 844-916-0895
Cision
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SAN DIEGO, Nov. 20, 2021 /PRNewswire/ — The law firm of Robbins Geller Rudman & Dowd LLP filed a class action lawsuit seeking to represent purchasers of Zhangmen Education Inc. (NYSE: ZME) American Depositary Shares (“ADSs”) in or traceable to Zhangmen Education’s initial public offering conducted on or about June 8, 2021 (“IPO”), pursuant to the IPO prospectus (the “Prospectus”) and Form F-1 registration statement, as amended (together with the Prospectus, the “Registration Statement”). The Zhangmen Education class action lawsuit charges Zhangmen Education, certain of its top executives, and the underwriters of the IPO with violations of the Securities Act of 1933. The Zhangmen Education class action lawsuit was commenced on November 19, 2021 in the Southern District of New York and is captioned Banerjee v. Zhangmen Education Inc.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
If you wish to serve as lead plaintiff of the Zhangmen Education class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchezof Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Zhangmen Education class action lawsuit must be filed with the court no later than January 18, 2022.
CASE ALLEGATIONS: Zhangmen Education provides personalized online tutoring services to K-12 students in the People’s Republic of China (“PRC”). The rapid rate of growth in PRC’s online education market has led to a sharp rise in fraudulent activity, including false advertising, fabrication of teacher qualifications, exaggerated student performance, and price fraud. In response to these scandals, the Chinese government sought to clean up the industry by adopting stringent new regulations shortly before the Zhangmen Education IPO. But as the Zhangmen Education class action lawsuit alleges, the true scope and effect of these proposed measures were known to but undisclosed by defendants prior to the IPO and were reasonably likely to have a material adverse effect on Zhangmen Education’s business and future operating results.
Specifically, the Zhangmen Education class action lawsuit alleges that the IPO’s Registration Statement failed to disclose that: (a) PRC authorities were in the process of implementing sweeping new regulatory reforms on the private education industry in China including, among others, prohibitions on: (i) profit-making by private education companies, (ii) engaging in core-curriculum tutoring on weekends and vacations, and (iii) capital-raising by companies like Zhangmen Education; (b) the known risks, events, and uncertainties noted in the Registration Statement were reasonably likely to have a material adverse effect on Zhangmen Education’s business; and (c) based on the foregoing, the statements in the Registration Statement concerning Zhangmen Education’s historical financial performance, market demand, and industry trends were materially incomplete, inaccurate, and misleading.
On July 23, 2021 – less than two months after the IPO – PRC unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making profits, raising capital, or going public. These drastic measures effectively ended any potential growth in the for-profit tutoring sector in PRC.
Then, on July 26, 2021, Zhangmen Education issued a release providing an update on the new PRC policies, admitting among other things that Zhangmen Education expected “the Guidelines to have material impacts on our existing business operations, financial condition and corporate structure.”
Thereafter, on August 25, 2021, Zhangmen Education issued a press release providing a further update on similar policies implemented by the Shanghai government and the implications for Zhangmen Education’s business, stating for example that: (a) “No new provider of after-school tutoring services on academic subjects in China’s compulsory education system (‘Academic AST’) will be approved, while existing Academic AST providers shall be subject to review and re-registration as non-profit organizations”; (b) “Tuition fees for Academic AST shall follow the guidelines from the government to prevent any excessive charging or excessive profit-seeking activities”; and (c) “AST advertising shall be subject to enhanced oversight.”
Finally, on November 19, 2021, Zhangmen Education announced that its auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP, had voluntarily resigned.
Subsequent to the IPO, the price of Zhangmen Education ADSs plummeted. As of the filing of the Zhangmen Education class action lawsuit, Zhangmen Education ADSs trade more than 80{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} below the IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Zhangmen Education ADSs in or traceable to the IPO pursuant to the Registration Statement to seek appointment as lead plaintiff in the Zhangmen Education class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Zhangmen Education class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Zhangmen Education class action lawsuit. An investor’s ability to share in any potential future recovery of the Zhangmen Education class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices.
Contact: Robbins Geller Rudman & Dowd LLP 655 W. Broadway, San Diego, CA 92101 J.C. Sanchez, 800-449-4900 jsanchez@rgrdlaw.com
BEIJING, Nov. 08, 2021 (World NEWSWIRE) — ZW Details Motion Technologies, Inc. (Nasdaq: CNET) (“ZW Knowledge” or the “Enterprise”), an built-in on the net advertising and marketing, precision marketing, knowledge analytics, and other worth-included companies business, nowadays announced that its wholly-owned subsidiary ChinaNet On-line (Guangdong) Engineering Co., Ltd. was authorized by JD.com, Inc. (Nasdaq: JD) (“JD”) as a organization expansion services company for JD’s WanDianBao business enterprise. WanDianBao is a micro provider for JD on line retailers. It can assist enterprises to speedily and conveniently get started the e-commerce advertising product and occupy the industry.
JD, positioned as a major offer chain-based technological know-how and company service provider, is a single of the two greatest B2C on the internet shops in China by trading quantity and revenue, and the initial built-in e-commerce system in China to list on the stock industry in the United States. As of the initially quarter of 2021, JD’s system has practically 500 million active people, masking retail, technological innovation, logistics, wellness, insurance, progress and abroad fields. In addition, it is a member of the Fortune Worldwide 500.
ZW Data was approved as WanDianBao’s enterprise improvement products and services company, like company enlargement and consumer solutions. We can increase blockchain resume companies to JD’s microservices to assist microshops use the blockchain to enhance the authenticity and belief for their products. ZW Data assists WanDianBao in setting up interactions with tens of countless numbers of merchants as a result of inbound and outbound website traffic, specially by non-public domain website traffic, gathering likely buyers fascinated in joining, and developing a big useful resource pool. In addition, blended with the capabilities of WanDianBao, ZW Data’s retailers could immediately establish exclusive personal area on-line shopping malls, broaden retail store sales groups, put into practice asset-mild and stress-free income small business model, and have out non-public area refined operation cooperation through JD’s offer chain connectivity, which varieties a strategic synergy with ZW Data’s new retail enterprise. By deeply connecting the diversified business enterprise of JD, ZW Info joins fingers with a high-high-quality ecological companion in the industry to reinforce the competitiveness of promoting, repeatedly encourage the innovation and vitality of WanDianBao’s small business ecosystem and accomplish the organic progress of ZW Data’s industrial enterprise.
“ZW Facts is fully commited to the implementation of the comprehensive spectrum of advertising and marketing advertising solutions supported by huge info, these as large info internet marketing, targeted visitors advertising and marketing, personal domain functions, material promoting, and other folks for prospects to take a look at new strategies of the Uni Marketing. ZW Data will commit additional useful methods and have additional extensive-phrase and in-depth cooperation with JD in the long term in the location of Uni Marketing and advertising,” commented Handong Cheng, Chairman and Chief Govt Officer of ZW Details.
About ZW Info Motion Systems Inc.
Established in 2003 and headquartered in Beijing, China, ZW Information Motion Systems Inc. is an ecological enterprise committed to internet marketing channel growth expert services through cell web, blockchain, massive knowledge and other professional products and services. ZW Information has been delivering info business expert services for little to medium enterprises to develop internet marketing channels for yrs and has become 1 of the industry benchmarks. It is committed to the innovation and establishment of B2B2C clever business enterprise ecology by the deployment of synthetic intelligence, blockchain, cloud computing, huge facts, and other new-technology information and facts systems, to guide MSMEs in acquiring a more convenient, productive and decrease charge business enterprise product. Extra information about the Business can be observed at: http://www.zdat.com/.
JD.com is a top provide chain-primarily based engineering and company supplier. The Company’s reducing-edge retail infrastructure seeks to permit customers to invest in regardless of what they want, when and where ever they want it. The Business has opened its engineering and infrastructure to partners, manufacturers and other sectors, as part of its Retail as a Provider giving to support push productiveness and innovation across a array of industries. More information can be uncovered at: https://company.jd.com/.
Safe and sound Harbor Assertion
This release incorporates selected “forward-searching statements” relating to the company of ZW Info Action Technologies Inc., which can be discovered by the use of ahead-hunting terminology these as “believes,” “expects,” “anticipates,” “estimates” or equivalent expressions. This sort of ahead-searching statements require regarded and not known risks and uncertainties, together with small business uncertainties relating to government regulation of our sector, market demand, reliance on important staff, foreseeable future funds requirements, competitors in typical and other components that could trigger precise results to be materially various from those people described herein as expected, thought, estimated or expected. Sure of these challenges and uncertainties are or will be described in bigger detail in our filings with the Securities and Exchange Commission. These forward-seeking statements are based on ZW Information Action Technologies Inc.’s recent anticipations and beliefs concerning potential developments and their possible outcomes on the Organization. There can be no assurance that long run developments affecting ZW Details Motion Technologies Inc. will be these predicted by ZW Data Action Systems Inc. These forward-seeking statements involve a variety of risks, uncertainties (some of which are beyond the handle of the Business) or other assumptions that might lead to precise benefits or overall performance to be materially unique from people expressed or implied by this kind of forward-seeking statements. ZW Details Motion Technologies Inc. undertakes no obligation to publicly update or revise any forward-wanting statements, irrespective of whether as a result of new data, foreseeable future events or or else, besides as may perhaps be essential beneath relevant securities guidelines.
For a lot more details, please contact:
Sherry Zheng Weitian Group LLC E mail: shunyu.zheng@weitian-ir.com Mobile phone: +1 718-213-7386
