LOS ANGELES, Sept. 7, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come September 19, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors who have purchased or otherwise acquired 17 Education & Technology Group Inc. (“17EdTech” or the “Company”) YQ Securities pursuant to and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s initial public offering in December 2020 (“IPO” or the “Offering”).

If you have suffered a loss on your 17EdTech investments or would like to inquire about the possibility of making claims to recover your loss under the federal securities laws, you may submit your contact information at www.glancylaw.com/cases/17-education-technology-group-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.

On December 4, 2020, 17EdTech completed its IPO, selling approximately 27,400,000 American Depository Shares (“ADSs”) at $10.50 per ADS.

On July 23, 2021, the company said that China’s new after-school regulations “have not been published and the company has not received any official notification of the regulations.”

As a result of this news, 17EdTech’s ADS price fell $3.56 or 39% to close at $5.64 per ADS on July 23, 2021, hurting investors.

Then, on July 26, 2021, the company announced that the recently announced regulations regarding tutoring “will have a material adverse effect on the company’s results of operations and prospects.”

On the back of this news, 17EdTech’s ADS price fell $1.48, or 26%, to close at $4.16 per ADS on July 26, 2021.

Then, on August 25, 2021, 17EdTech announced that “the Company [had] on weekends, bank holidays and school vacations and will continue to no longer offer AST online academic courses.”

Due to this news, 17EdTech’s ADS price fell by 5%…