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.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.