17 Education & Technology Group, members of its board, BofA Securities, Morgan Stanley and other defendants were hit with a securities class action Tuesday in California Central District Court. The suit, filed by Rosen Law Firm, accuses 17 Education of failing to disclose to investors that the severity of China’s recent ‘crackdown’ on after-school tutoring businesses would lead to the end of the company within a year of its IPO. Counsel have not yet appeared for the defendants. The case is 2:22-cv-04937, Zhang v. 17 Education & Technology Group Inc. et al.
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