On behalf of Gaotu Techedu Inc. (formerly known as GSX Techedu Inc.), Skadden secured the dismissal of a putative securities class action. The complaint alleged that the company made material misstatements and omissions in violation of the federal securities laws. On February 24, Judge Esther Salas of the U.S. District Court for the District of New Jersey granted the company’s motion to dismiss all claims. The court agreed that the complaint lacked sufficient factual allegations to support the plaintiffs’ claims.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates