INVESTOR ALERT: Scott + Scott At – GuruFocus.com
NEW YORK, October 20, 2021 (GLOBE NEWSWIRE) – Scott + Scott Lawyers LLP (“Scott + Scott”), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against Goldman Sachs Group Inc. (“Goldman Sachs”) and Morgan Stanley (“Morgan Stanley”) , alleging violations of § §20A, 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 USC §§78t-1, 78j (b) and 78t (a) , and Securities and Exchange Commission (SEC) Rule 10b-5 promulgated under it, 17 CFR §240.10b-5. If you have purchased American Depository Shares (ADS) from the company known as Gaotu Techedu Inc., (“Gaotu” or the “Company”) (: GOTU), formerly known as GSX Techedu Inc., between March 22, 2021 and March 29, 2021 inclusive (the “Class Period”) and have suffered significant losses, realized or not, you are encouraged to contact Scott’s lawyer + Scott Jonathan Zimmerman at (888) 398- 9312 for more information.
Goldman Sachs and Morgan Stanley are global financial services institutions that have served as prime brokers for Archegos Capital Management (“Archegos”), a family office with $ 10 billion under management, helping Archegos complete transactions and lending capital to Archegos in the form of a margin loan.
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 and non-public information about Archegos and his need to liquidate his position in the Company entirely. due to the pressure of margin calls. As a result of these sales, the defendants Goldman Sachs and Morgan Stanley avoided billions of losses combined.
Lead Applicant Deadline
The deadline for the Lead Complainant in this action is December 20, 2021. Any proposed Class Member may seek to act as the Lead Complainant through any lawyer of their choice, or may elect to do nothing and remain a member of the proposed Group. The case is pending in the Southern District of New York under file number 1: 21-cv-08618.
What you can do
If you bought Gaotu ADS during the Recourse Period, or if you have any questions regarding this notice or your legal rights, we encourage you to contact attorney Jonathan Zimmerman at (888) 398-9312 or [email protected].
About Scott + Scott
Scott + Scott has extensive experience in pursuing major securities, antitrust and consumer rights actions across the United States. The company represents pension funds, foundations, individuals and other entities around the world with offices in New York, London, Amsterdam, Connecticut, California, Virginia and Ohio.
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