NEW YORK, Oct. 15, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of First High-School Education Group Co., Ltd. («First High-School Education Group» or the «Company») (NYSE: FHS). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether First High-School Education Group and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around March 11, 2021, First High-School Education Group conducted its initial public offering, issuing 7.5 million American depository shares («ADSs») priced at $10.00 per ADS.
Then, on September 28, 2021, First High-School Education Group announced its first half of 2021 unaudited financial results, including, among other results, gross profit of RMB62.3 million (US$9.6 million), a decrease of 3.6% from RMB64.6 million in the first half of 2020; a net loss of RMB3.8 million (US$0.6 million), compared to a net income of RMB31.9 million in the first half of 2020, which was «primarily incurred by certain non-recurring expenses»; and adjusted net income (Non-GAAP) of RMB11.2 million (US$1.7 million), a decrease of 64.9% from RMB31.9 million in the first half of 2020.
On this news, First High-School Education Group’s ADS price fell $0.89 per ADS, or 22.88%, to close at $3.00 per ADS on September 28, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. 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 the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP