The complaint alleges that Park Ha stock became the target of a sophisticated pump-and-dump scheme immediately following its IPO. While the company's shares debuted at $4.00, they climbed to an artificial peak of $41.49 by July 7, 2025. Plaintiffs contend this surge lacked any material corporate developments or legitimate business activity to justify such valuation.

According to the allegations, the price spike was manufactured through misinformation campaigns and social media activity. Impersonators posing as financial professionals utilized online forums and chat groups to create a buying frenzy among retail investors. Pomerantz LLP, the firm representing the class, is currently collecting documentation from shareholders who purchased securities during the period to support the legal action against the company’s officers and directors.