GSX (GSX) says internal review did not uncover evidence that would have material impact on financial statements
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GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today provided an update on the status of its internal review. As previously disclosed, following the publication of a number of short-seller reports about the Company from early- to mid-2020, the Company's independent audit committee engaged third-party professional advisers to conduct an independent review into these reports' key allegations (the "Internal Review").
The Internal Review is now substantially complete. Based on the agreed upon scope and procedures performed, the Internal Review did not uncover evidence that would have a material impact on GSX's previously reported financial statements.
The Company intends to continue to cooperate with the SEC in connection with the ongoing SEC investigation, as previously disclosed. The Company is unable to predict the duration, outcome, or impact of the SEC investigation.
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