| COMPANY |
Gaotu Techedu Inc. f/k/a GSX Techedu Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
21-cv-08618 |
| JUDGE |
The Honorable Paul A. Crotty |
| CLASS PERIOD |
March 22, 2021 and March 29, 2021 |
| SECURITY TYPE |
American Depositary Shares |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Gaotu Techedu Inc. f/k/a GSX Techedu Inc. (“Gaotu”) (NYSE: GOTU) American Depository Shares (ADSs) between March 22, 2021 and March 29, 2021, inclusive (the “Class Period”).
According to the Complaint, Goldman Sachs and Morgan Stanley sold a large amount of Gaotu shares during the Class Period while in possession of material, non-public information about Archegos and its need to fully liquidate its position in the Company because of margin call pressure. As a result of these sales, Defendants Goldman Sachs and Morgan Stanley avoided billions in losses combined.
Current Status of Case:
On March 28, 2024, The Court entered an order granting the Motion to Dismiss. The Court entered an Opinion and Order on April 1, 2024 granting Defendants’ Motion to Dismiss with prejudice and closing the case. On April 26, 2024, Lead Plaintiff filed a Notice of Appeal. This action is on appeal and ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.