LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of Phoenix Tree Holdings Limited ("Phoenix" or the "Company") (NYSE: DNK) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On or about January 17, 2020, the Company sold 9.6 million shares of stock in its initial public stock offering (“IPO”), at $13.50 a share, raising $130 million in new capital.
On March 25, 2020, Phoenix announced its financial results for fourth quarter and full year 2019 and disclosed that it expected the coronavirus to adversely affect its financial performance for the nearly completed first quarter of 2020.
On this news, the Company’s shares are now trading at $6.59, which is about 51% below the IPO price.
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If you purchased Phoenix securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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