Chinese online education provider, TAL Education, listed on the NYSE in October 2010. It was attacked by short-seller Muddy Waters in a series of four reports between June and July 2018 alleging various illegal accounting tricks such as asset parking and artificial revenue inflation. An internal investigation found the allegations without merit. Although its share price initially fell by around 30%, it recovered shortly thereafter. In April 2020, TAL revealed that an employee had faked sales, although this barely dented its share price. Finally, in 1H21 the Chinese government introduced new regulation which essentially outlawed after-school tutoring, leading to a 95% collapse in the company's share price and a series of class action lawsuits.

Last updated March 2022

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