New Oriental Education and Technology Group Inc. (EDU) announced that its board of directors formed an independent special committee to conduct an independent review of the various allegations raised in a report issued by Muddy Waters on July 18, 2012.
The company said that the committee is comprised of three independent directors of the Company, Denny Lee, Robin Yanhong Li and John Zhuang Yang, and is authorized to retain independent advisors in connection with its investigation.
Previously, New Oriental said it believed that the Muddy Waters report contains numerous errors of facts, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the board of directors of the Company decided to form the independent special committee to review the allegations and management will fully cooperate with the committee in the investigation, New Oriental Education said.
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