Sunlands Technology Group
| Company Name | Sunlands Technology Group |
| Stock Symbol | STG |
| Lead Plaintiff Motion Deadline | August 26, 2019 |
On March 23, 2018, the Company completed its Initial Public Offering, issuing 13 million shares at $11.50 per share.
On May 28, 2019, the Company disclosed that new student enrollments declined during first quarter 2019 and gross billings fell 28.6% year-over-year due to “softer marketing tactics and expanded trial programs.”
Since the IPO, shares of Sunlands Technology have traded as low as $2.28 per ADS, a loss of more than 80% from the $11.50 IPO price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Sunlands Technology’s student enrollment was declining; (2) Sunlands Technology’s gross billings were declining; (3) Sunlands Technology’s marketing tactics were not as robust as described in the Registration Statement; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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