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.