New Oriental responds to media reports

• New Oriental Education and Technology Group (NYSE:EDU) responds to recent media reports referencing overseas study consulting division New Oriental Vision Overseas Consultancy.
• The company says it believes the reports could mislead readers about NOVO's legitimate business activities and harm the reputation of New Oriental and NOVO.
• New Oriental notes that the NOVO division accounted for 8% and 6% of the revenue for the full fiscal year and FQ1, respectively. The business accounted for an even smaller percentages of  profit.
• New Oriental says it will execute on procedures designed to deter and penalize inappropriate employee conduct in an effort to promote highest standards of corporate governance and business conduct throughout the entire organization.
• EDU +4.738% premarket to $43.99.
• Source: Press Release
• Previously: New Oriental sinks after Reuters reports on application fraud (Dec. 2)