NEW YORK, NY / ACCESSWIRE / May 23, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Phoenix Tree Holdings Limited ("Phoenix Tree" or the "Company") (NYSE:DNK). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Phoenix Tree and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around January 22, 2020, Phoenix Tree conducted its initial public offering ("IPO"), selling 9.6 million American depositary shares ("ADSs") priced at $13.50 per share. Then, on March 25, 2020, Phoenix issued a press release announcing its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019, cautioning investors that the Company expected the COVID-19 pandemic to adversely affect its financial performance for the first quarter of 2020. Since the IPO, the value of the Company's ADSs has fallen sharply, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP