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In May, Carson Block of Muddy Waters Research said he had shorted the company’s stock after concluding it was, “a near-total fraud.”. They were down more than 5% Thursday. Your email address will not be published. That probe was prompted by a report from Wolfpack Research that accused iQiyi of inflating revenue and user numbers. In a filing, the company said it was asked last summer by the SEC’s enforcement unit to share “certain financial and operating records” going back to 2017. GSX Techedu, a US-listed Chinese education company, is facing an investigation by the US securities regulator following allegations from short-sellers that it faked sales. Then $67.00 per month.New customers onlyCancel anytime during your trial, Try full digital access and see why over 1 million readers subscribe to the FT, FT print edition delivered Monday - Saturday along with ePaper access, Premium FT.com access for multiple users, with integrations & admin tools, SEC probes US-listed Chinese education company GSX Techedu, Purchase a Trial subscription for $1.00 for 4 weeks, You will be billed $67.00 per month after the trial ends, Purchase a Digital subscription for $7.10 per week, You will be billed $39.50 per month after the trial ends, Purchase a Print subscription for $5.75 per week, You will be billed $50.00 per month after the trial ends, Purchase a Team or Enterprise subscription for per week, You will be billed per month after the trial ends, UK set to approve Pfizer-BioNTech Covid vaccine within days, North Korea executes forex trader as Kim tightens grip on economy, Saudi Arabia seeks to resolve Qatar crisis as ‘gift’ to Joe Biden, Dubai raises a glass to social changes in the Gulf, UK dismisses ‘derisory’ EU fishing offer ahead of last-ditch trade talks, HSBC considers exit from US retail banking, McDonald’s Chris Kempczinski: ‘Our menu is very Darwinian’, Pennsylvania Supreme Court dismisses Trump challenge to vote, ‘Boy, did we screw up’: 12 rules for repentance, How AstraZeneca and Oxford found their vaccine under fire, Quintessentially concierge service set up escort agency’s website, Philip Green’s Arcadia on brink of collapse. said it would not contest Nasdaq’s decision to delist. It also said enrollment in its K-12 online course increased more than 300% year over year. GSX Techedu, U.S. Securities and Exchange Commission Regaining Momentum in 2020 and Beyond Despite economic turmoil created by the COVID-19 pandemic, recent surveys show a clear trend of CFOs taking a long view when developing their international operations strategies and cross-border M&A plans. Citron Research short-seller Andrew Left said the company’s suspicious enrollment numbers stood out in the highly competitive online education industry. $17.15. $60.00. Notice from the SEC of registration effectiveness: Nov 20, 2019: Open Notice from the SEC … journalists in 50+ countries covering politics, business, innovation, trends and more. For financial … All Rights Reserved. GSX Techedu SEC Filings & 10K Form Lowest-Rated Stocks $63.90-1.76 (-2.68 %) (As of 11/23/2020 12:00 AM ET) Add. 52-Week Range. A number of Chinese companies have been caught in accounting scandals, including Luckin Coffee and iQiyi. For financial … $65.51. Re: GSX Techedu’s operational & financial frauds; market manipulation To Mr. Jay Clayton, This letter is in regards to the unmistakable fraud and market manipulator, GSX Techedu (ticker: GSX), and the lack of action to date by the SEC. 50-Day Range. Compare. Required fields are marked *, Copyright © 2020 CFO. The SEC maintains a publicly accessible listing of all public companies that have had their trading Today's Range. SEC Probes China’s GSX Techedu After Short Sellers’ Pleas Short sellers accuse New York-listed tutoring company of inflating its sales. In Citron's letter to SEC commissioners, for example, it says GSX is engaged in "an active and ongoing fraud" that is … GSX Techedu Inc is primarely in the business of services-educational services. GSX reported revenue of about $233 million for the second quarter, a more than four-fold increase year over year. GSX Techedu is Faking Classes and Ruining Chinese Children’s Education Wednesday 14th October : Ticker GSX Data as of Oct.3 - updated Oct.10 Course Name … The company has been a target for short-sellers in recent months. The company has denied the allegations and said it had, “engaged third-party professional advisers to conduct an internal independent review” before the SEC’s review. The company’s shares dropped 17% Wednesday morning on the news. “If the audits are done properly it will go to zero and delist.”. “That was a very important part of the short thesis,” Left said. In June, Luckin said it would not contest Nasdaq’s decision to delist the company after a financial misconduct scandal that led to the firing of its chief executive officer and chief operating officer and sent its share price plummeting. 50 Broad Street, New York, N.Y. 10004. Gain a global perspective on the US and go beyond with curated news and analysis from 600 GSX Techedu Inc is primarely in the business of services-educational services. Your email address will not be published. Now: $63.90 $65.00. Can food delivery services save UK restaurants? GSX also allegedly used shell companies to disguise expenses. MA: $83.54 $114.99. China-based online education company GSX Techedu has confirmed it is the subject of an investigation by the Securities and Exchange Commission following allegations it was inflating sales. Last month shares of the streaming service iQiyi fell after it disclosed it too was the subject of an SEC investigation. CFO Publishing LLC, a division of The Argyle Group. Share . 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