The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Phoenix Tree Holdings Limited (NYSE: DNK) who purchased American Depositary Shares (“ADS”) of Phoenix pursuant and/or traceable to prospectuses and registration statements issued in connection with the Company’s January 2020 initial public offering. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
According to the filed complaint, the documents Phoenix Tree issued in connection with its initial public offering (“IPO”) omitted or otherwise misrepresented the nature and level of renter complaints the Company had received before and as of the IPO, as well as the demand in the Chinese residential rental market and the Company’s exposure to significant adverse developments resulting from the onset of the coronavirus in China – particularly in Wuhan – at the time of the IPO. After the IPO, reports emerged indicating that Phoenix was experiencing ongoing problems due to the coronavirus, which was causing financial and other harm to tenants.
Shareholders have until June 26, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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