The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Phoenix Tree Holdings Limited (NYSE: DNK) American Depositary Shares (“ADS”) pursuant and/or traceable to prospectuses and registration statements issued in connection with the Company’s January 2020 initial public offering.
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.
If you suffered a loss in Phoenix Tree you have until June 26, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
To receive more information, please fill out the form.