SAN DIEGO, Oct. 31, 2021 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Gaotu Techedu Inc. ("GOTU” or the "Company") (NYSE: GOTU). The class action is on behalf of shareholders who purchased Gaotu common between March 22, 2021 and March 29, 2021. If you wish to serve as lead plaintiff in this class action, you must move the Court no later than December 20, 2021.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number. Additionally, you can:
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According to the Complaint, Goldman Sachs Group Inc. and Morgan Stanley sold a large number of GSX shares while in possession of material non-public information. The defendants knew that Archegos Capital Management would need to fully liquidate its position in GSX based on margin call pressures. The defendants avoided billions in losses by selling the Company's shares while in possession of this information. When the market learned the truth about GSX, investors suffered damages.
A lead plaintiff will act on behalf of all other class members in directing the Gaotu class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Gaotu class action lawsuit is not dependent upon serving as lead plaintiff.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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