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New Oriental discloses quarterly loss on expansion, SEC investigation

(Global Times)

08:52, January 30, 2013

New Oriental Education and Technology Group Inc Tuesday unveiled its latest financial report, which disclosed a year-on-year net loss during the quarter ended November 30, 2012.

The New York-listed company, also known as New Oriental China, is the largest private language training and education services provider in China.

According to the company's press release, its losses between September and November last year amounted to $15.8 million, while in the same period a year earlier it made a net income of $3.3 million.

The education company attributed the loss to its business expansion, as it added more than 200 new learning centers around the country, as well as to expenses incurred in the quarter from an internal investigation and regulatory proceedings, New Oriental CEO Yu Minhong said in the statement.

On July 17 last year, New Oriental saw its shares plunge by 34 percent as it disclosed that it was under formal investigation by the US Securities and Exchange Commission on its variable interest entity structural adjustment. And one day later, its shares declined by 35 percent to the lowest level since 2007, after short seller Muddy Waters Research rated New Oriental's shares a "strong sell," citing problems with corporate structure and allegedly inflated cash balances.

But after New Oriental fought back against Muddy Waters' allegation, its shares began a steady climb.

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