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SAN FRANCISCO, November 12, 2021--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired American Depositary Shares ("ADSs") of Gaotu Techedu Inc., formerly known as GSX Techedu Inc. ("Gaotu" or the "Company") (NYSE: GOTU), between March 22, 2021 and March 29, 2021, inclusive (the "Class Period").
If you purchased or otherwise acquired Gaotu ADSs during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 20, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Gaotu investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here, or text or email email@example.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Gaotu Securities Class Litigation
The action alleges that, during the Class Period, defendants Goldman Sachs Group Inc. and Morgan Stanley traded in Gaotu ADSs while in possession of material non-public information that Archegos Capital Management ("Archegos"), a family office with $10 billion under management, failed (or was likely to fail) to meet a margin call, requiring it to fully liquidate its position in Gaotu. Defendants unloaded large block trades consisting of shares of Archegos’s doomed bets, including billions of dollars worth of Gaotu securities beginning on March 25, 2021, before the market learned of Archegos’s collapse. As a result of these insider sales, defendants avoided billions of dollars in losses. Defendants knew, or were reckless in not knowing, that they were prohibited from trading while in possession of material, non-public information about Archegos but disposed of their Gaotu shares to class members anyway before the news about Archegos was revealed and the price of Gaotu shares plummeted.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms "representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity." Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s "laser focus" and noting that our firm routinely finds itself "facing off against some of the largest and strongest defense law firms in the world." Benchmark Litigation has named Lieff Cabraser one of the "Top 10 Plaintiffs’ Firms in America."
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211112005225/en/
Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP