TAL Education Group Discovers Wrongdoing in Internal Auditing Process

TAL Education Group Discovers Wrongdoing in Internal Auditing Process

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TAL Education Group, “Leading K-12 After-School Tutoring Services Provider in China,” Announces Certain Employee Wrongdoing Discovered in Company’s Routine Internal Auditing Process – TAL Investors Who Suffered Losses Are Encouraged to Contact Kehoe Law Firm, P.C. To Discuss Potential Legal Claims

Kehoe Law Firm, P.C. is making investors aware that on April 7, 2020,  TAL Education Group (“TAL Education” or the “Company”) (NYSE: TAL), “a leading K-12 after-school tutoring services provider in China,” announced that the Company discovered

. . . certain employee wrongdoing . . . in the Company’s routine internal auditing process. TAL discovered irregularities and violations of the Company’s business conduct and internal control policies by an employee in the Company’s newly introduced ‘Light Class’ business. Upon such discovery, TAL immediately reported to the local police. The employee has been taken into custody by the local police.

Based upon the Company’s routine internal audit, the Company suspects that the employee of question conspired with external vendors to wrongly inflate ‘Light Class’ sales by forging contracts and other documentations. For the fiscal year 2020 ended February 29, 2020, ‘Light Class’ sales accounted for approximately 3% to 4% of the Company’s total estimated revenues.

TAL Education investors who purchased, or otherwise acquired, TAL securities and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], to discuss potential legal claims.

Kehoe Law Firm, P.C.