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BOSTON, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Block & Leviton announces that a class action lawsuit has been filed against Zhangmen Education, Inc. (NYSE: ZME) American Depository Shares (ADS) for potential securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/zme.
What is this all about?
The complaint alleges that Zhangmen Education, a dominant player in the Chinese online education and tutoring industry, failed to disclose the potential impact of pending legislation by the People’s Republic of China (PRC) at the time of the Company’s IPO. When the PRC unveiled its new regulations for the education sector less than two months after Zhangmen Education’s IPO, the changes effectively ended any potential for growth in the for-profit tutoring sector in China.
Shares of Zhangmen ADS stock were down more than 80% from the Company’s IPO price when the complaint was filed on November 19, 2021.
Who is eligible?
Anyone who purchased Zhangmen Education, Inc. ADS stock between June 5, 2021 and November 19, 2021 is potentially eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is January 18, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email email@example.com with any questions.
This notice may constitute attorney advertising.
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Phone: (617) 398-5600
SOURCE: Block & Leviton LLP