Processing your request


please wait...

Case Page

 

Case Status:    DISMISSED    
On or around 04/21/2022 (Date of order of final judgment)

Filing Date: April 24, 2020

According to the Complaint, Phoenix Tree Holdings Limited leases and operates properties in China and rents apartments to individuals and corporations, primarily for co-living arrangements in which the tenants, who may not have previously known each other, live together.

This is a securities class action on behalf of all purchasers of American Depositary Shares of Phoenix (“ADS”) pursuant and/or traceable to prospectuses and registration statements, as amended (together, “Offering Materials”), issued in connection with the Company’s January 22, 2020 initial public offering (“IPO”).

The Complaint alleges that the Offering Materials omitted or otherwise misrepresented the nature and level of renter complaints the Company had received before and as of the IPO, as well as demand in the Chinese residential rental market, and the Company’s exposure to significant adverse developments, resulting from the onset of the coronavirus in China – particularly in Wuhan – at the time of the IPO.

On November 19, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 15, 2021. Defendants filed a Motion to Dismiss the amended Complaint on May 3.

On March 14, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to file an amended Complaint. Plaintiff did not amend the Complaint, and on April 21, the Court dismissed the claims with prejudice and entered Final Judgment.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.