This case was last updated from U.S. District Courts on 12/13/2021 at 16:11:44 (UTC).

Banerjee v. Zhangmen Education Inc. et al

Case Summary

On November 19, 2021, Saurav Banerjee (“Plaintiff”), individually and on behalf of all others similarly situated, represented by Samuel Howard Rudman of Robbins Geller Rudman & Dowd LLP (LI), filed a civil action against Zhangmen Education Inc. (“Zhangmen” or the “Company”), Yi Zhang (“Zhang”), Ricky Kwok Yin Ng (“Ng”), Teng Yu (“Yu”), Cogency Global Inc. (“Cogency Global”), and others (collectively, “Defendants”), seeking compensatory relief with interest, costs, expenses and attorney’s fees, for the Defendants’ alleged material inaccurate statements in the Registration Statement and the failure of the Registration Statement to disclose material information required pursuant to the regulations governing its preparation. This case was filed in U.S. District Court in the Southern District of New York with Judge J. Paul Oetken presiding. 

 

In their complaint, the Plaintiff alleged that, “On May 19, 2021, Zhangmen filed with the SEC a Form F-1 registration statement. The Form F-1 registration statement, as amended, was declared effective by the SEC on June 7, 2021. On June 2, 2021, Zhangmen filed with the SEC a Form F-6 registration statement to register 100 million ADSs. The Form F- 6 registration statement was declared effective by the SEC on June 7, 2021.”

 

The Plaintiff further alleged that, “The Registration Statement was negligently prepared and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make adequate disclosures required under the rules and regulations governing the preparation of such documents.”

 

The Plaintiff also alleged that, “In addition, the Registration Statement was materially incomplete and omitted facts necessary to make the statements made therein not misleading with respect to recent regulatory developments in China and failed to disclose the most significant rules and regulations affecting Zhangmen’s business and operations.”

 

The Plaintiff lists out two claims for relief. The first claim allege is against all Defendants for violations of §11 of the Securities Act, and the second claim allege is against Zhangmen, Cogency Global and the Individual Defendants for violation of §15 of the Securities Act. The Plaintiff alleged that the Defendants were responsible for the contents and dissemination of the Registration Statement. The Plaintiff then alleged that none of the defendants named herein made a reasonable investigation or possessed reasonable grounds for the belief that the statements contained in the Registration Statement were true and without omissions of any material facts and were not inaccurate. The Plaintiff also alleged taht by reasons of the conduct herein alleged, each defendant violated and/or controlled a person who violated §11 of the Securities Act.

 

In their prayer for relief, the Plaintiff requested the Court to designate this action as a class action properly maintained pursuant to Rules 23(a) and 23(b)(3) of the Federal Rules of Civil Procedure and award the Plaintiff and the other members of the Class damages together with interest thereon; award the costs and expenses of this litigation, including reasonable attorneys’ fees, experts’ fees, and other costs and disbursements; and grant such other and any further relief as may be just and proper under the circumstances.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-09634

  • Filing Date:

    11/19/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

J. Paul Oetken

 

Party Details

Plaintiff

Saurav Banerjee

Defendants

Zhangmen Education Inc.

Yi Zhang

Ricky Kwok Yin Ng

Teng Yu

COGENCY GLOBAL INC.

Colleen A. De Vries

Morgan Stanley & Co. LLC

Credit Suisse Securities (USA) LLC

Attorney/Law Firm Details

Plaintiff Attorney

Samuel Howard Rudman

Attorney at Robbins Geller Rudman & Dowd LLP (LI)

58 South Service Roadsuite 200

Melville, NY 11747

 

Court Documents

#1

(#1) COMPLAINT against COGENCY GLOBAL INC., Credit Suisse Securities (USA) LLC, Colleen A. De Vries, Morgan Stanley & Co. LLC, Ricky Kwok Yin Ng, Teng Yu, Yi Zhang, Zhangmen Education Inc.. (Filing Fee $ 402.00, Receipt Number ANYSDC-25362810)Document filed by Saurav Banerjee..(Rudman, Samuel) (Entered: 11/19/2021)

#2

(#2) CIVIL COVER SHEET filed..(Rudman, Samuel) (Entered: 11/19/2021)

#3

(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Zhangmen Education Inc., Yi Zhang, Ricky Kwok Yin Ng, Teng Yu, Cogency Global Inc., Colleen A. De Vries, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, re: #1 Complaint,. Document filed by Saurav Banerjee..(Rudman, Samuel) (Entered: 11/19/2021)

#4

(#4) ELECTRONIC SUMMONS ISSUED as to Cogency Global Inc., Credit Suisse Securities (USA) LLC, Colleen A. De Vries, Morgan Stanley & Co. LLC, Ricky Kwok Yin Ng, Teng Yu, Yi Zhang, Zhangmen Education Inc...(pc) (Entered: 11/22/2021)

 

Docket Entries

  • 11/22/2021
  • View Court Documents
  • Docket(#4) ELECTRONIC SUMMONS ISSUED as to Cogency Global Inc., Credit Suisse Securities (USA) LLC, Colleen A. De Vries, Morgan Stanley & Co. LLC, Ricky Kwok Yin Ng, Teng Yu, Yi Zhang, Zhangmen Education Inc...(pc) (Entered: 11/22/2021)

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  • 11/22/2021
  • DocketCase Designated ECF. (pc) (Entered: 11/22/2021)

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  • 11/22/2021
  • DocketMagistrate Judge Barbara C. Moses is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (pc) (Entered: 11/22/2021)

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  • 11/22/2021
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge J. Paul Oetken. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(pc) (Entered: 11/22/2021)

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  • 11/22/2021
  • Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney Samuel Howard Rudman. The party information for the following party/parties has been modified: COGENCY GLOBAL INC., Saurav Banerjee. The information for the party/parties has been modified for the following reason/reasons: party name was entered in all caps; party text was omitted;. (pc) (Entered: 11/22/2021)

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  • 11/19/2021
  • View Court Documents
  • Docket(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Zhangmen Education Inc., Yi Zhang, Ricky Kwok Yin Ng, Teng Yu, Cogency Global Inc., Colleen A. De Vries, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, re: #1 Complaint,. Document filed by Saurav Banerjee..(Rudman, Samuel) (Entered: 11/19/2021)

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  • 11/19/2021
  • View Court Documents
  • Docket(#2) CIVIL COVER SHEET filed..(Rudman, Samuel) (Entered: 11/19/2021)

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  • 11/19/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against COGENCY GLOBAL INC., Credit Suisse Securities (USA) LLC, Colleen A. De Vries, Morgan Stanley & Co. LLC, Ricky Kwok Yin Ng, Teng Yu, Yi Zhang, Zhangmen Education Inc.. (Filing Fee $ 402.00, Receipt Number ANYSDC-25362810)Document filed by Saurav Banerjee..(Rudman, Samuel) (Entered: 11/19/2021)

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