NEW YORK, May 14, 2020 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Baidu, Inc.(NASDAQ: BIDU)
Class Period: March 16, 2019 - April 7, 2020
Deadline: June 22, 2020
For more info:www.bgandg.com/bidu
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Baidu's feed services were not in compliance with applicable Chinese regulatory standards; (2) the foregoing noncompliance subjected the Company to a heightened risk of regulatory enforcement, including the removal or suspension of certain of Baidu's services and products; (3) accordingly, the Company's revenues derived from online marketing services were unlikely to be sustainable; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
Phoenix Tree Holdings Limited (NYSE: DNK)
Class Period: 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")
Deadline: June 26, 2020
For more info:www.bgandg.com/dnk
The complaint alleges that the Offering Materials issued connected to the Company’s IPO were materially false and/or misleading and/or omitted or misrepresented the following facts: (1) Phoenix received complaints and negative press concerning its questionable business conduct before the IPO, including its practice of persuading renters to procure loans whose proceeds financed the Company’s business and operations; (2) competition in the residential rental market in China had dropped due to coronavirus at the time of the IPO, specifically in Wuhan, the epicenter of the coronavirus pandemic, where Phoenix primarily operated; (3) Phoenix’s technological capabilities were unable to enable the Company to overcome the complications and erosion of business resulting from the spread of the coronavirus throughout China at the time of the IPO; (4) Phoenix was competing with extremely adverse developments in China at the time of the IPO due to the coronavirus that presented events, risks and uncertainties that were reasonably likely to materially affect Phoenix’s business, operations and financial condition, including a material increase in renter complaints and negative press and the prospect that renters could not continue to pay rent and service fees under conditions then existing as of the IPO; (5) consequently, Phoenix was positioned no differently than its competitors in managing the fallout from customer complaints or adverse implications stemming from the coronavirus in China; and (6) as a result, Phoenix’s public statements were materially false and misleading at all relevant times.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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