***IMPORTANT CASE UPDATE***

On February 16, 2024, the Claims Administrator conducted the initial distribution of settlement funds to eligible claimants. Please address any questions regarding your payment to the Claims Administrator.

The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of The Settlement Class, and Proposed Settlement; (II) Settlement Hearing; and (III) Motion For An Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Because this website is just a summary, you should review the Notice for additional information.

If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.

Please read the Notice carefully.

IF YOU PURCHASED OR OTHERWISE ACQUIRED TAL ADS BETWEEN JUNE 1, 2016 AND JUNE 13, 2018, INCLUSIVE, (THE “SETTLEMENT CLASS PERIOD”) AND WERE DAMAGED THEREBY YOU MAY BE ENTITLED TO A PAYMENT FROM A CLASS ACTION SETTLEMENT.

The Settlement Hearing

The Court held the Settlement Hearing on November 30, 2021, before the Honorable Katherine H. Parker, United States Magistrate Judge, at the United States District Court for the Southern District of New York and approved the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses. A copy of the order can be accessed on the Court Documents page.

What is this case about?

On June 18, 2018 and July 17, 2018, two class action complaints were filed in the United States District Court for the Southern District of New York, styled Lea v. TAL Education Group et al, Case No. 1:18-cv-05480-RWS and Extract v. TAL Education Group et al, Case No. 1:18-cv-06440-RWS.

By Order dated September 27, 2018, the Court: (a) consolidated and recaptioned the cases as In re TAL Education Group Securities Litigation, Master File No. 1:18-cv-05480-RSW; (b) appointed Edward Lea and Dios Asset Management PTE. LTD. to serve as Lead Plaintiffs for the consolidated Action; and (c) approved Lead Plaintiffs’ selection of Glancy Prongay & Murray LLP to serve as Lead Counsel in the consolidated Action.

On January 3, 2019, Lead Plaintiffs filed and served their Amended Class Action Complaint for Violations of the Federal Securities Laws (the “Complaint”) asserting claims against TAL and the Individual Defendants under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, and against the Individual Defendants under Section 20(a) of the Exchange Act. Among other things, the Complaint alleged that TAL and the Individual Defendants made materially false and misleading statements concerning the sale and repurchase of TAL’s Guangzhou One-on-One tutoring business, TAL’s investment in an entity named Beijing Shunshun Bida Information Consulting Co. Ltd., the financial reporting resulting from those transactions, and in the Sarbanes-Oxley certifications attesting to the accuracy of TAL’s financial reporting and the adequacy of its internal controls. The Complaint further alleged that the price of TAL ADS were artificially inflated as a result of TAL’s and the Individual Defendants’ allegedly false and misleading statements, and declined when the truth was revealed.

Based on the investigation and mediation of the case and Lead Plaintiffs’ direct oversight of the prosecution of this matter and with the advice of their counsel, each of the Lead Plaintiffs has agreed to settle and release the claims raised in the Action pursuant to the terms and provisions of the Stipulation, after considering, among other things, (a) the substantial financial benefit that Lead Plaintiffs and the other members of the Settlement Class will receive under the proposed Settlement; and (b) the significant risks and costs of continued litigation and trial.

TAL is entering into the Stipulation solely to eliminate the uncertainty, burden and expense of further protracted litigation. TAL denies any wrongdoing, and the Stipulation shall in no event be construed or deemed to be evidence of or an admission or concession on the part of TAL, or any other of the Defendant’s Releasees (defined in ¶ 33 below), with respect to any claim or allegation of any fault or liability or wrongdoing or violation of law or damage whatsoever, or any infirmity in the defenses that TAL has, or could have, asserted. Similarly, the Stipulation shall in no event be construed or deemed to be evidence of or an admission or concession on the part of any Lead Plaintiff of any infirmity in any of the claims asserted in the Action, or an admission or concession that any of TAL’s defenses to liability had any merit.

On July 2, 2021, the Court preliminarily approved the Settlement, authorized this Notice to be disseminated to potential Settlement Class Members, and scheduled the Settlement Hearing to consider whether to grant final approval to the Settlement.

On November 20, 2021, The court held a final Settlement Hearing and approved the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses.

On December 4, 2023, the Court approved The Distribution Plan for the Net Settlement Fund and issued the Class Distribution Order.

Further Information:

This website and the Notice summarize the Settlement. For more details regarding this Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding this Settlement:

Claims Administrator:

TAL Education Group Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173139
Milwaukee, WI 53217
(877) 777-9316
info@TalEducationSecuritiesLitigation.com

Lead Counsel:

GLANCY PRONGAY & MURRAY LLP
Kara M. Wolke, Esq.
1925 Century Park East, Suite 2100
Los Angeles, California 90067
(888) 773-9224
settlements@glancylaw.com

If you have questions, you may call the TAL Education Group Securities Litigation Help Line at 877-777-9316.

DO NOT CALL OR WRITE THE COURT, THE OFFICE OF THE CLERK OF THE COURT,
TAL OR ITS COUNSEL REGARDING THIS NOTICE.