UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE TAL EDUCATION GROUP
Case No. 1:18-cv-05480-LAP-KHP
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION,
CERTIFICATION OF THE SETTLEMENT CLASS, AND
PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING;
AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: All persons and entities who or which, during the period between June 1, 2016 and June 13, 2018 inclusive, purchased or otherwise acquired American Depositary Shares (“ADS”) of TAL Education Group (“TAL” or “Defendant”) and were injured thereby (the “Settlement Class”):
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the above-captioned litigation (the “Action”) has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action, Certification of the Settlement Class, and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”). Unless otherwise defined herein, capitalized words used in this Summary Notice are defined in the Stipulation and Agreement of Settlement dated June 24, 2021 (“Stipulation”), which is available at www.TalEducationSecuritiesLitigation.com.
YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action have reached a proposed settlement of the Action for $7,500,000.00 in cash (the “Settlement”), that, if approved, will resolve all claims in the Action.
A hearing will be held on November 30, 2021 at 10:00 a.m., before the Honorable Katherine H. Parker, United States Magistrate Judge, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 17D, 500 Pearl Street, New York, NY 10007, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendant and the Individual Defendants, and the Releases specified and described in the Stipulation (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel’s application for an award of attorneys’ fees and reimbursement of Litigation Expenses should be approved.
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at TAL Education Group Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 173139, Milwaukee, WI 53217, 1-877-777-9316. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.TalEducationSecuritiesLitigation.com.
If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked or submitted online no later than November 30, 2021. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than November 9, 2021, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and reimbursement of Litigation Expenses must be filed with the Court and delivered to Lead Counsel and Defendant’s Counsel such that they are received no later than November 9, 2021, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Clerk’s office, TAL, or its counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.
Requests for the Notice and Claim Form should be made to:
TAL Education Group Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173139
Milwaukee, WI 53217
Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:
GLANCY PRONGAY & MURRAY LLP
Kara M. Wolke, Esq.
1925 Century Park East, Suite 2100
Los Angeles, CA 90067