US Stock Market Move | New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) fell more than 2% as CEO Zhou Chenggang released a video to dispel rumors.

On Tuesday, New Oriental Education & Technology Group, Inc. Sponsored ADR (EDU.US) fell more than 2% to $47.21. On the news front, New Oriental Education & Technology Group, Inc. Sponsored ADR CEO Zhou Chenggang posted a video on a social media platform in the evening, saying, "I was on a business trip this afternoon and just landed in Beijing from Hong Kong. As soon as I got off the plane, I saw a lot of unbelievable news. The company has already refuted it. It's all rumors. I'm recording a short video to greet everyone again." Today, there were market rumors that New Oriental Education & Technology Group, Inc. Sponsored ADR CEO and long-time partner of Yu Minhong, Zhou Chenggang, was suspected of embezzling the company's interests through related transactions and is under investigation by regulatory authorities. In response, EAST BUY stated, "It's purely a rumor."