Gaotu Techedu Inc. Class Action Lawsuit
- Company Name
- Gaotu Techedu Inc.
- Stock Symbol
- Class Period
- March 22, 2021 to March 29, 2021
- Motion Deadline
- December 19, 2021
- Southern District of New York
The Gaotu Techedu Inc. class action lawsuit charges Goldman Sachs Group Inc. and Morgan Stanley with violations of the Securities Exchange Act of 1934. The Gaotu Techedu class action lawsuit seeks to represent investors who purchased or otherwise acquired Gaotu Techedu shares contemporaneously with defendants’ allegedly unlawful trades from March 22, 2021 through and including March 29, 2021 (the “Class Period”). The Gaotu Techedu class action lawsuit was commenced on October 20, 2021 in the Southern District of New York and is captioned Florio v. Goldman Sachs Group Inc., No. 21-cv-08618.
If you wish to serve as lead plaintiff of the Gaotu Techedu class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Gaotu Techedu class action lawsuit must be filed with the court no later than December 20, 2021.
CASE ALLEGATIONS: The Gaotu Techedu class action lawsuit alleges that Goldman Sachs and Morgan Stanley sold Gaotu Techedu shares to public shareholders after confidentially learning 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 Techedu. The Gaotu Techedu class action lawsuit further alleges that Goldman Sachs and Morgan Stanley avoided billions in losses by trading in this alleged material non-public information. As further alleged by the Gaotu Techedu class action lawsuit, according to subsequent media reports, defendants unloaded large block trades consisting of shares of Archegos’ doomed bets, including billions worth of Gaotu Techedu securities, late Thursday, March 25, 2021, before the Archegos story reached the public, sending Gaotu Techedu’s stock into a complete tailspin.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Gaotu Techedu shares during the Class Period to seek appointment as lead plaintiff in the Gaotu Techedu 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 Gaotu Techedu class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Gaotu Techedu class action lawsuit. An investor’s ability to share in any potential future recovery of the Gaotu Techedu 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.