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.