|Company name||Phoenix Tree Holdings Limited|
|Status||Class Action Complaint Filed|
NEW YORK, May 20, 2020–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased Phoenix Tree Holdings Limited (NYSE: DNK) securities pursuant and/or traceable to the Company’s January 22, 2020 initial public offering (the “IPO” or “Offering”). Investors have until June 26, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Phoenix Tree, a holding company that leases and manages apartments in China, held its initial public offering (“IPO”) for its American Depositary Shares (“ADS”) on January 22, 2020, in which it sold 9.6 million ADS at $13.50 per share.
The complaint, filed on April 24, 2020, alleges that the IPO materials misrepresented and/or failed to disclose the nature and level of renter complaints that Phoenix Tree had received before and as of the IPO, plus the Company’s exposure to significant adverse developments resulting from the onset of COVID-19 in China.
The company’s ADS are presently trading around $6.59 each, or nearly half of their IPO price.
If you purchased Phoenix Tree securities pursuant and/or traceable to the IPO, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.