NEW YORK, June 11, 2020 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Fangdd Network Group Ltd. ("FangDD" or the "Company") (NASDAQ: DUO). Investors who purchased Fangdd securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/duo.
The investigation concerns whether Fangdd and certain of its officers and/or directors have violated federal securities laws.
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.
If you are aware of any facts relating to this investigation, or purchased Fangdd shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/duo. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.