The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of First High-School Education Group Co., Ltd. (NYSE: FHS) who purchased FHS American Depositary Shares in or traceable to the Company’s March 2021 initial public offering. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the FHS lawsuit alleges that (a) the new rules, regulations and policies to be implemented by the Chinese government following the Two Sessions parliamentary meetings were far more severe than represented to investors and posed a material adverse threat to the Company and its business; (b) contemplated Chinese regulations and rules regarding private education were leading to a slowdown of government approval to open new educational facilities which would have a negative effect on FHS’s enrollment and growth; and (c) as a result, representations made in connection with the Company’s initial public offering regarding FHS’s historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of the Company at the time of the initial public offering, and were materially false and misleading and lacked a factual basis.
Shareholders have until July 11, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.