SAN DIEGO & DONGCHENG DISTRICT, Beijing--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that it is investigating Phoenix Tree Holdings, Ltd. (NASDAQ: DNK) for alleged violations of the Securities Exchange Act of 1933 and whether the Company's officers and directors breached their fiduciary duties to shareholders. Phoenix is a Cayman Islands holding company that leases and manages apartments in China.
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Phoenix Tree Holdings, Ltd. (DNK) Accused of Misleading Shareholders
On January 22, 2020, Phoenix held its IPO offering approximately 9.6 million ADSs at $13.50 per share for gross proceeds of approximately $128.4 million. In its offering materials, Phoenix touted the Company's focus on residents and customer service as well as its use of data-driven technology to effectively compete in the market. However, on March 25, 2020, Phoenix announced its unaudited financial results for fourth quarter and fiscal year 2019, revealing that it expected coronavirus to adversely affect its financial performance for first quarter of 2020. Phoenix's ADSs currently trade at around $9.80 per share, representing an almost 30% decline from its IPO price.
Phoenix Tree Holdings, Ltd. (DNK) Shareholders Have Legal Options
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