Glancy Prongay & Murray LLP, a leading securities fraud law firm, announces the filing of a securities class action lawsuit on behalf of investors in First High-School Education Group Co., Ltd. (HSF)

LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired First High-School Education Group Co., Ltd (“FHS” or the “Company”) (NYSE: FHS) American Depository Shares (“ADS”) pursuant to the Company’s March 2021 initial public offering (the “IPO ”) and/or traceable for this purpose. FHS investors have until July 11, 2022 to file a petition of the main plaintiff.

If you have suffered a loss on your FHS investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information at cases/first-high-school-education-group-co-ltd/. You may also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.

In March 2021, FHS went public, selling 7.5 million ADS at $10 per ADS.

On May 12, 2021, media reported that the impending Chinese government crackdown on the online education industry would be more drastic than previously announced. Planned regulations included a ban on on-campus tutoring classes and weekend tutoring, as well as industry-wide fee limitations.

Then, on July 23, 2021, China unveiled a sweeping overhaul of its education sector, banning for-profit teaching and tutoring companies.

On July 26, 2021, FHS issued a press release stating that it would “follow the spirit of the notice and comply with all relevant rules and regulations in the provision of secondary education services”.

Then, on September 28, 2021, FHS announced its financial results for the first half of 2021, revealing a 7.7% decline in revenue year-over-year.

Then, on April 5, 2022, FHS issued a press release announcing that the Company had received a letter from the NYSE stating that the Company failed to meet NYSE listing requirements because its total market capitalization and equity had fallen. below compliance standards.

Then, on May 3, 2022, FHS disclosed that it would not be able to timely file its annual report on Form NT 20-F.

As of May 10, 2022, FHS ADS closed below $1 per ADS, more than 90% below the price of the IPO, thereby harming investors.

The complaint filed in this class action alleges that the defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the company’s business, operations and prospects. Specifically, the Defendants failed to disclose to investors: (1) that the new rules, regulations and policies to be implemented by the Chinese government following the parliamentary meetings of the two sessions were far more stringent than what was presented to the investors and posed a significant adverse threat to Lower Secondary Education and its business; (2) that China’s regulations and rules regarding private education were causing a slowdown in government approval for the opening of new educational institutions, which would have a negative effect on enrollment and growth of First High- School Education; and (3) therefore, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.

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If you have purchased or otherwise acquired FHS ADS under and/or traceable to the IPO, you may sue in court no later than July 11, 2022 ask the Tribunal to appoint you as the principal plaintiff. To be a member of the Group, you do not have to perform any action at the moment; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the Class. If you would like to know more about this action, or if you have any questions about this announcement or your rights or interests in respect of these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at If requesting by email, please include your mailing address, phone number and number of shares purchased.

This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.