$14.1M TAL Education Group Securities Fraud Settlement, Check If You Qualify for a Payment File Your ADS Claim by Oct 8, Lewandowski v. TAL Education Group, Case No. 2:23-cv-01769-JRA

UPDATE LOG — Lewandowski v. TAL Education Group, No. 2:23-cv-01769-JRA

May 27, 2026 — Article published. All settlement figures, deadlines, eligibility criteria, and disclosure events verified against the official Long Form Notice and Claim Form dated April 28, 2026, issued by order of the U.S. District Court for the District of New Jersey. All sections current as of today.

The TAL Education Group securities fraud settlement is a $14,100,000 class action settlement — Lewandowski v. TAL Education Group, Case No. 2:23-cv-01769-JRA — filed in the U.S. District Court for the District of New Jersey, alleging TAL made false and misleading statements about its tutoring programs complying with China’s Double Reduction policy. If you purchased or acquired TAL American Depositary Shares (ADSs) between January 14, 2022 and March 14, 2023, and held them through at least March 14, 2023, you may be entitled to a cash payment — but only if you file a claim by October 8, 2026.

TAL Education Group Securities Fraud Settlement — Key Facts

Field	Detail
Settlement Amount	$14,100,000
Online Claim Deadline	October 8, 2026 (by 11:59 p.m. ET)
Mail Claim Deadline	September 29, 2026 (postmarked)
Who Qualifies	Investors who purchased or acquired TAL ADSs January 14, 2022 – March 14, 2023, and held through at least March 14, 2023
Estimated Payout Per ADS	Approx. $0.059 per damaged ADS (net of fees); maximum recognized loss $0.82 per ADS
Proof Required	Yes — brokerage confirmation slips or statements required
Settlement Status	Proposed — Fairness Hearing October 29, 2026
Court & Case Number	U.S. District Court, District of New Jersey, No. 2:23-cv-01769-JRA
Specific Law Alleged	Sections 10(b) and 20(a) of the Securities Exchange Act of 1934; Rule 10b-5
Administrator	Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063 — (866) 274-4004
Official Claim Website	www.strategicclaims.net/TAL
Last Updated	May 27, 2026

Where Does the TAL Education Securities Fraud Settlement Stand Today?

• The court scheduled a Settlement Fairness Hearing for October 29, 2026 at 10:00 a.m. before U.S. Magistrate Judge José R. Almonte at the Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Courtroom 4(d), Newark, NJ 07102.
• The online claim deadline is October 8, 2026; mailed claims must be postmarked by September 29, 2026.
• Payments will be distributed after the court grants final approval and all claims are processed — the administrator will notify claimants by mail or email within 45 days of receiving your claim.

Who Is TAL Education Group and Why Are They Facing a Securities Fraud Settlement?

TAL Education Group (NYSE: TAL) is a Chinese education company that operates tutoring and learning services for K-12 students, primarily in China. After China introduced its Double Reduction policy — sweeping government regulations that banned for-profit companies from offering after-school tutoring on core academic subjects — TAL was required to fundamentally restructure its business model. The question at the heart of this lawsuit is whether TAL told investors the truth about how completely it had complied with those regulations, or whether it quietly continued offering banned services while publicly claiming compliance.

What Did TAL Education Tell Investors About Double Reduction Compliance Between January 2022 and March 2023?

The complaint filed in Case No. 2:23-cv-01769-JRA alleges that throughout the class period, TAL and its CEO Bangxin Zhang made false and misleading public statements assuring investors that TAL’s tutoring programs were fully compliant with China’s Double Reduction regulations — a sweeping policy that, among other things, banned for-profit entities from offering after-school tutoring in core academic subjects like mathematics and English.

The lawsuit claims that behind those public assurances, TAL’s subsidiary Xueersi had restarted exactly the kind of for-profit tutoring courses the Double Reduction policy prohibited — courses in mathematics and English — offered under the cover of “permitted tutoring outside of core subjects.” Plaintiffs allege this left investors buying shares based on a false picture of TAL’s regulatory risk and business stability, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.

TAL and the previously dismissed individual defendants have denied — and continue to deny — all allegations of wrongdoing, fault, liability, or damages. The settlement does not constitute an admission of wrongdoing by any defendant.

If you purchased TAL ADSs during this period, this lawsuit and the resulting $14,100,000 settlement may directly affect you. Investors in other Chinese-company ADS securities fraud cases have navigated very similar claims — our coverage of the DiDi Global $740 million ADS securities settlement explains how the claim and allocation process works for Chinese-issuer ADS settlements. For a broader look at how securities class action settlements calculate recognized losses and pro-rata payouts, the Rivian $250 million securities settlement breakdown walks through the same PSLRA framework used here.

The TAL Education Disclosure That Sent NYSE: TAL Stock Lower — March 14, 2023

On March 14, 2023, a Seeking Alpha article reported that TAL’s subsidiary Xueersi had restarted mathematics and English tutoring courses — the exact categories banned under China’s Double Reduction policy — marketing them as permitted tutoring outside core subjects. Business Wire reported that on the same day, shares of TAL fell approximately 10%, and over the two consecutive trading sessions ending March 15, 2023, the stock dropped $0.91 per ADS, or 13.4%, closing at $5.89 per ADS on March 15, 2023. This is the corrective disclosure that triggered the class action and defines the end of the class period. Investors who held TAL ADSs through this date and suffered losses form the core of the settlement class.

Related article: $1M Illinois Tech COVID Tuition Refund Settlement, Are You Getting an Automatic Payment? Deadline September 10, Hernandez, et al. v. Illinois Institute of Technology, No. 1:20-cv-03010

Who Qualifies for the TAL Education Group Securities Fraud Settlement?

Here is exactly how to know whether this settlement covers you.

You likely qualify if:

• You purchased or otherwise acquired publicly traded TAL Education Group American Depositary Shares (NYSE: TAL) between January 14, 2022 and March 14, 2023, both dates inclusive
• You held those ADSs through at least March 14, 2023 — the end of the class period
• You suffered a financial loss when the stock declined following the corrective disclosure on March 14–15, 2023

You do NOT qualify if:

• You sold all of your TAL ADSs on or before March 13, 2023 — the recognized loss on ADSs sold before the disclosure date is $0.00 per ADS
• You are a TAL officer, director, or family member of those individuals
• You acquired TAL ADSs through the exercise or conversion of non-publicly traded securities
• Your calculated recognized loss results in a distribution of less than $10.00 — claims below that threshold will not receive a payment

You must submit brokerage confirmation slips or account statements documenting every TAL ADS purchase, acquisition, and sale during the class period. Claims submitted without supporting documentation will be rejected.

TAL Education ADS Investors Outside the United States — Are You Still Covered?

Yes. This is a federal securities case in the U.S. District Court for the District of New Jersey, and it covers all investors who purchased or acquired TAL ADSs on U.S. exchanges during the class period — regardless of where you live now. International investors, including those based in China or elsewhere, are eligible to file a claim as long as they acquired ADSs on a U.S. public exchange. A Chinese-language version of the notice and claim form is available at www.strategicclaims.net/TAL.

If you are unsure whether you qualify for the TAL Education Group securities fraud settlement, a free consultation with a securities fraud attorney can help you assess your situation and calculate your recognized loss before the October 8, 2026 deadline.

How Much Can TAL Education Group ADS Investors Recover from the $14,100,000 Settlement?

The $14,100,000 total settlement fund is subject to four deductions before any money reaches investors. Subject to court approval, those deductions are: attorneys’ fees up to one-third of the fund ($4,700,000), litigation expense reimbursement of up to $180,000, plaintiff service awards of up to $8,000, and claims administration costs. After deductions, the remaining net settlement fund gets divided proportionally among all authorized claimants based on each investor’s calculated “Recognized Loss.”

The settlement documents estimate the average net recovery at approximately $0.059 per damaged TAL ADS, based on an estimated 156.3 million damaged ADSs. The maximum recognized loss per ADS is capped at $0.82 per ADS.

What Could TAL Education Investors Actually Receive from the 2023 Securities Fraud Settlement?

Your individual payment depends on four things: how many shares you bought, what you paid, whether and when you sold them, and how many total claims are filed. The more investors who submit valid claims, the smaller each person’s proportionate share. The less who file, the larger individual payments become.

ADSs sold on or before March 13, 2023 have a recognized loss of $0.00. ADSs sold on March 14, 2023, or held through June 12, 2023, may qualify for a recognized loss of up to $0.82 per ADS — calculated as the lesser of $0.82 or the difference between your purchase price and either your sale price or the applicable average closing price from the settlement’s Table A. No distribution will be made to any claimant whose calculated share falls below $10.00.

Because your payout depends on complex formulas and the total number of valid claims filed, it is impossible to state the exact amount you will receive at this stage. Settlement payments over $600 may be reported to the IRS — consult a tax professional about your specific situation.

How to File Your TAL Education Group Securities Fraud Settlement Claim — Step by Step

1. Visit www.strategicclaims.net/TAL to access the online Proof of Claim and Release Form.
2. Enter your name, address, telephone number, email address, and Social Security or Taxpayer Identification Number.
3. Enter your beginning holdings of TAL ADSs as of close of trading on January 13, 2022.
4. List every TAL ADS purchase and sale between January 14, 2022 and June 12, 2023 — date, number of shares, and price per ADS for each transaction.
5. Upload supporting documentation: brokerage confirmation slips or monthly statements for every transaction listed. Claims without documentation will be rejected.
6. Submit your claim electronically by October 8, 2026 at 11:59 p.m. ET, or mail a completed paper form postmarked by September 29, 2026 to: TAL Education Group Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063.
7. Save your automated email confirmation. If you do not receive one within 45 days, contact Strategic Claims Services at (866) 274-4004 or [email protected].

Institutional filers managing multiple accounts must contact the administrator at [email protected] to submit claims in electronic spreadsheet format. Takes about 15–20 minutes for individual investors with organized brokerage records.

Should TAL Education Investors Opt Out or Object Before October 8, 2026?

What Does Opting Out of the TAL Education Settlement Mean for Your Rights?

Opting out means you give up your share of the $14,100,000 settlement and lose the right to any payment. In exchange, you keep the right to sue TAL and the other released defendants separately for the same claims. Most investors should not opt out unless they have unusually large individual losses and have already spoken with a securities fraud attorney about the value of an independent case. To opt out by mail, send your request postmarked by October 8, 2026 to Strategic Claims Services at the address above. To opt out electronically, email [email protected] by October 15, 2026 at 11:59 p.m. ET.

How to Object to the TAL Education Settlement Terms Before October 8, 2026

Objecting means telling the court you disagree with part of the settlement while remaining in the class and still receiving a payment if approved. Mail your written objection postmarked by October 8, 2026 to both The Rosen Law Firm, P.A. (Jonathan Horne, 275 Madison Avenue, 40th Floor, New York, NY 10016) and Quinn Emanuel Urquhart & Sullivan, LLP (Michael B. Carlinsky, 295 Fifth Avenue, 9th Floor, New York, NY 10016). Your objection must include your full contact details, a list of all TAL ADS transactions during the class period, your specific grounds for objecting, and whether you plan to appear at the October 29, 2026 hearing.

If you are considering opting out or objecting, speaking with a class action lawsuit attorney before October 8, 2026 is strongly recommended.

TAL Education Group Securities Fraud Settlement — Key Dates and Deadlines, 2026

Milestone	Date
Stipulation of Settlement signed	February 13, 2026
Notice issued by court order	April 28, 2026
Mailed claim form deadline (postmarked)	September 29, 2026
Online claim, opt-out (mail), and objection deadline	October 8, 2026
Exclusion by email deadline	October 15, 2026 (by 11:59 p.m. ET)
Settlement Fairness Hearing	October 29, 2026 at 10:00 a.m., Courtroom 4(d), Newark, NJ
Expected payment date	TBD — approximately 14 months after final approval, once all claims are processed and any appeals resolved

TAL Education Group Securities Fraud Settlement — Frequently Asked Questions, No. 2:23-cv-01769-JRA

Is there an active settlement in the TAL Education Group securities fraud lawsuit right now?

Yes. TAL Education Group agreed to pay $14,100,000 to resolve Case No. 2:23-cv-01769-JRA. The settlement is proposed and awaiting final court approval at the October 29, 2026 Fairness Hearing in Newark, New Jersey. You must file a claim by October 8, 2026 to receive a payment.

Do I qualify for the TAL Education settlement if I bought TAL ADSs and then sold them before March 14, 2023?

No. The recognized loss on TAL ADSs sold on or before March 13, 2023 is $0.00 per ADS under the Plan of Allocation. To qualify for a payment, you must have purchased or acquired TAL ADSs during the January 14, 2022 – March 14, 2023 class period AND held them through at least March 14, 2023.

How much will my TAL Education settlement check be?

The estimated net average recovery is approximately $0.059 per damaged ADS after deduction of attorneys’ fees and expenses. The maximum recognized loss is capped at $0.82 per ADS. Your exact payment depends on your individual purchase and sale prices, the total number of valid claims filed, and the court-approved deductions from the $14,100,000 fund.

Do I need a lawyer to file a TAL Education securities settlement claim?

No. You can file directly through Strategic Claims Services at www.strategicclaims.net/TAL without hiring an attorney. The Rosen Law Firm, P.A. represents all class members as lead counsel at no additional cost. However, if you have unusually large losses or are considering opting out, consulting your own securities fraud attorney is a good idea.

Is the TAL Education securities fraud settlement legitimate?

Yes. It was filed in the U.S. District Court for the District of New Jersey, authorized by court order dated April 28, 2026, administered by Strategic Claims Services, and negotiated by The Rosen Law Firm, P.A. as court-appointed lead counsel. The claim website is www.strategicclaims.net/TAL — do not submit claims anywhere else.

What specific laws did TAL Education allegedly violate?

The complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934, SEC Rule 10b-5, and Section 20(a) of the Exchange Act — the core federal securities fraud statutes that prohibit companies and their executives from making materially false or misleading public statements that affect a stock’s price.

What happens if I miss the TAL Education claim deadline?

If you do not submit your claim by October 8, 2026 online (or by September 29, 2026 by mail), you will receive no payment. You will still be bound by the settlement’s release provisions if you did not opt out, meaning you cannot separately sue TAL for the same claims. Do not wait — incomplete or missing documentation is the leading cause of rejected claims, and gathering brokerage records takes time.

Will my TAL Education settlement payment be reported to the IRS?

Possibly. Settlement payments over $600 are typically reported to the IRS. The tax treatment of securities settlement proceeds depends on your holding period, cost basis, and individual circumstances. Consult a tax professional before and after filing your claim.

Sources Used in This TAL Education Group Securities Fraud Settlement Article

• Official Long Form Notice and Proof of Claim and Release Form — Lewandowski v. TAL Education Group, Case No. 2:23-cv-01769-JRA, issued by order of the U.S. District Court, D.N.J., dated April 28, 2026: https://www.strategicclaims.net/wp-content/uploads/2026/05/Final-Long-Notice-and-Claim-Form-TAL-Education.pdf
• Official Settlement Claim Website — Strategic Claims Services: https://www.strategicclaims.net/TAL

Prepared by the AllAboutLawyer.com Editorial Team and reviewed for factual accuracy against the official Long Form Notice and Claim Form issued by order of the U.S. District Court for the District of New Jersey, April 28, 2026. Last Updated: May 27, 2026.

This article is for informational purposes only and does not constitute legal advice. Individual circumstances differ. For advice about your specific situation, consult a qualified attorney.