BOSTON, June 14, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that securities class action have been filed against Phoenix Tree Holdings Ltd. (NYSE: DNK), Hallmark Financial Services, Inc. (NASDAQ: HALL), and Hamilton Beach Brands Holding Company (NYSE: HBB). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.
DNK Shareholders – Click Here: https://shareholder.law/phoenixtree
HALL Shareholders – Click Here: https://shareholder.law/hallmark
HBB Shareholders – Click Here: https://shareholder.law/hbb
Phoenix Tree Holdings Ltd. (NYSE: DNK) – Lead Plaintiff Deadline of June 26, 2020
Phoenix Tree, a holding company that leases and manages apartments in China, held its initial public offering for its American Depositary Shares (“ADS”) on January 22, 2020, in which it sold 9.6 million ADS at $13.50 each. The lawsuit, filed in the U.S. District Court for the Southern District of New York, 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 ADS fell to less than half of their IPO price.
Hallmark Financial Services, Inc. (NASDAQ: HALL) – Lead Plaintiff Deadline of July 6, 2020
During the month of March 2020, Hallmark’s shares plummeted after a series of announcements. First, on March 2, 2020, Hallmark revealed its decision to “exit its Binding Primary Auto business.” In one day, Hallmark’s share price fell $2.10, to close at $12.23 per share. Next, on March 11, 2020, Hallmark announced that it had fired its public accounting firm over “a disagreement.” On this news, the stock fell from $8.10 to $5.71 per share. Then on March 17, 2020, Hallmark filed a letter with the SEC indicating that the former public accounting firm had “expanded significantly the scope of its audit on January 31, 2020.” On this news, the stock fell to just $3.12 per share.
Hamilton Beach Brands Holding Company (NYSE: HBB) – Lead Plaintiff Deadline of July 21, 2020
On May 11, 2020, Hamilton Beach Brands disclosed that it could not timely file its first quarter 2020 quarterly financial report due to “certain accounting irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary.” In addition, the Company stated that its “Audit Review Committee has commenced an internal investigation, with the assistance of outside counsel and other third party experts,” concerning “the realizability of certain assets of the Mexican subsidiary.” On this news, shares of Hamilton Beach Brands common stock fell by approximately 9%, or $1.03 per share, to close at just $10.43 per share on unusually heavy trading volume.
If you purchased or acquired shares of DNK, HALL, or HBB and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockesq.com, or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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Phone: (617) 398-5600
Email: cases@blockesq.com
SOURCE: Block & Leviton LLP
www.blockesq.com