Goldman Sachs Suspends Rating on New Oriental Education (EDU)

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Goldman Sachs suspended its rating on New Oriental Education (NYSE: EDU) today following the notice of a formal order of SEC investigation.

"We are suspending our investment rating and price target on New Oriental because there is not currently a sufficient basis for determining an investment rating or price target for the company," the firm said.

After dropping 34 percent Tuesday, shares of EDU are down another 19 percent Wednesday after Muddy Waters issued a 'strong sell' report.

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