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INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Zhangmen Education Inc. (ZME) on Behalf of Investors

Businesswire ·  {{timeTz}}

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Zhangmen Education Inc. ("Zhangmen" or the "Company") (NYSE: ZME) investors concerning the Company's possible violations of federal securities laws.

In June 2021, Zhangmen, an education company focused on providing personalized online courses to K-12 students in China, conducted its initial public offering ("IPO"), selling 4,166,450 ADSs at a price of $11.50 per ADS.

Then, on July 23, 2021 China revealed an extensive overhaul of its education sector, prohibiting companies that teach the school curriculum from making profits, raising capital or going public. This effectively ended China's $120 billion private tutoring industry.

On July 26, 2021, Zhangmen issued a release stating that these new guidelines were likely "to have material impacts on our existing business operations, financial condition and corporate structure."

Then, on November 19, 2021, Zhangmen announced that its independent auditor had resigned.

On November 19, 2021, the Company's share price closed at $1.47 per ADS, an 80% decline from the IPO price.

If you purchased Zhangmen securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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