In the current trading session, at the last check, Tarena International Inc. and TEDU stock had plunged 13.79% to $ 2.75. TEDU stock previously closed the session at $ 3.19. The stock volume traded at 1.08 million shares. TEDU stock has lost -11.63% over the past week. Over the past three and six months, the stock has lost -6.18% and -3.33% respectively. Additionally, Tarena International Inc. is currently valued in the market at $ 189.10 million and has 55.67 million shares outstanding.
About Tarena International Inc.
Tarena International Inc. is an online education services company that focuses specifically with its subsidiaries on providing full-time and part-time tuition. The courses are held under the Tarena brand and target the People’s Republic of China market. The company has two segments through which it operates; one targets the Adults in Adult Training program and the other targets the Kids in the Kid Training program. The company also offers IT related courses specifically for 7 courses such as Java, Linux, Big Data, Front-End Web Development, Software Testing, Python, and Network Engineering courses. In addition, there are 3 non-computer topics including computerized manufacturing, online offers and promotion, PC-based plan feeds via live remote guidance and special VFX visualizations, as well as coaching based on classroom and web-based learning modules. It also offers 7 K-12 instructional programs for kids, including PC coding and advanced mechanics programming lessons under the TongchengTongmei brand. In addition, the organization extends to the e-learning phase for tuition courses and instructional courses on employment opportunities. As of December 31, 2020, it is anything but an organization of 104 directly supervised learning centers in 45 urban communities; and 236 TongchengTongmei independent learning places in 53 urban areas. The organization was established in 2002 and is based in Beijing, People’s Republic of China.
Why is Tarena facing so many lawsuits?
The TEDU share is the subject of legal proceedings. These lawsuits are generally associated with the publication of financial reports with discrepancies in the reports, or with mergers and bankruptcies. In this case, the release of financial results for the TEDU share for the first quarter of 2021 is the source of the wave of lawsuits. The financial results gave a prospect for TEDU stock for the second quarter. Considering the current flow of the Company, the absolute net income for the second quarter of 2021 is expected to be between 570.0 million RMB and 600.0 million RMB, after considering the occasional change factor and the likely likelihood of the effect of COVID-19. These estimates were sensitive to the current vision and analysis of the business and the external economy as well as to events. However, this was not all that was touchy in the company’s financial records;
The lawsuits are calling for an investigation to determine if there are any misleading statements or hidden discrepancies that have not yet surfaced due to controversial financial or balance sheet practices. The precise moment of the investigation is when Tarana documented a Form NT 20-F Notification of a timely failure to register a Form 20-F for the fiscal year ended December 31, 2018, with the SEC on April 30. 2019. According to the Company, the postponement of the registration was prompted by the Autonomous Review Board of the Licensee’s management, investigating specific issues recognized during the review of the Licensee’s budget summaries for the year ended December 31, 2018, including issues identified with the registrant’s income recognition. The company then said on November 1, 2019 that its financial reports from 2014 to 2018 could not be relied upon due to errors, related party interactions and hindrance to the interaction of the company. exam. In light of this news, Tarena’s ADS fell more than 9% on November 4, 2019.