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TAL Education: A Real Business With Fake Financials Part IV (NYSE: TAL US) - Muddy Waters Research
In addition to reporting fraudulent profits, TAL has been misleading investors about the health of its core Peiyou business. TAL’s core Peiyou business appears to be in decline. We believe that Peiyou offline Q3 revenue YoY growth was likely negative, despite TAL CFO Rong Luo stating the growth rate was “healthy” and implying it was …