Law firm Pomerantz is investigating the claims

NEW YORK, July 09, 2022 (GLOBE NEWSWIRE) — {{DATELINECITY_DATE_GLOBENEWSWIRE_BUG}}Pomerantz LLP is investigating claims on behalf of investors in First High-School Education Group Co., Ltd. (or the “Company”) (NYSE: FHS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.

The investigation focuses on whether FHS and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On or about March 11, 2021, FHS completed its initial public offering (“IPO”) of 7.5 million American Depositary Shares (“ADS”) at a price of $10.00 per share. Shortly after the IPO, media reported that Chinese policymakers had proposed tougher regulations to curb the for-profit education industry, such as regulations to improve the quality of teachers, to limit fee scams, reduce market abuse, and reduce the stress that the for-profit education business industry had placed on students in the Chinese education system.

On May 12, 2021, news reports revealed that the impending government crackdown on for-profit educational enterprises in China would be far more drastic and far-reaching than previously publicly known. Sources said the planned rules would include measures such as banning on-campus tutoring classes, banning tutoring services during weekend hours and imposing fee-wide caps. Of the industry.

On May 14, 2021, China’s State Council announced that it would further strengthen regulations on compulsory education and training institutions with new rules to come into effect on September 1, 2021.

On July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning companies that teach the school curriculum from making a profit, raising capital, or going public. These drastic measures effectively ended any potential growth of the for-profit tutoring industry in China.

On July 26, 2021, FHS issued a press release announcing that the company “will follow the spirit of the notice and comply with all relevant rules and regulations in the provision of secondary education services.”

In a series of disclosures beginning September 28, 2021, FHS reported, among other things, disappointing financial and operational results due to the impact of regulatory repression on China’s for-profit education sector; the resignation of the Company’s Chief Financial Officer; the dismissal of the Company’s auditor, KPMG Huazhen LLP; receipt of a letter from the New York Stock Exchange (“NYSE”) stating that the Company failed to meet NYSE listing requirements because its total market capitalization and equity had fallen below compliance standards ; and that the Company would be unable to timely file its annual report with the United States Securities and Exchange Commission.

As of May 10, 2022, the FHS ADS closed below $1.00 per share, representing a decline of more than 90% from the offer price.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and cmalpractice. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

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