NEW YORK, June 10, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of FangDD Network Group Ltd. (“FangDD” or the “Company”) (DUO). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether FangDD and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around November 1, 2019, FangDD conducted its initial public offering (“IPO”) of 6 million American Depositary Shares (“ADSs”) priced at $13.00 per ADS. On June 8, 2020, FangDD’s ADS closed at $9.51 per share. Then, on June 9, 2020, FangDD’s ADS closed at $47.06 per share, representing a single-day increase of $37.55 per share, or nearly 400%. On June 10, 2020, FangDD issued a press release stating, in relevant part, that “in light of the increases in the price and trading volume of the Company’s American depositary shares . . . on June 9, 2020, FangDD stated that its policy is not to comment on unusual market activity or speculative matters. The Company cautions investors that the trading price of the Company’s ADSs could be subject to significant volatility for various reasons that are out of the Company’s control.” The price of FangDD’s ADSs fell sharply during intraday trading on June 10, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980