NEW YORK, May 13, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP 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) (“Phoenix Tree” or the (Company”) securities pursuant and/or traceable to the Company’s January 22, 2020 initial public offering (the “IPO” or “Offering”).
All investors who purchased American Depositary Shares (“ADSs”) of Phoenix Tree Holdings Limited and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of, you may, no later than June 26, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Phoenix Tree Holdings Limited.
Phoenix Tree, a holding company that leases and manages apartments in China, held its initial public offering (“IPO”) for its American Depositary Shares on January 22, 2020, in which it sold 9.6 million ADS at $13.50 per share.
The filed complaint 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 less than half of their original IPO price.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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