Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against BlueCity Holdings Limited (BLCT)

THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming September 17, 2021 deadline to file lead plaintiffs in the class action on behalf of investors BlueCity Holdings Limited (“BlueCity” or the “Company” ) (NASDAQ: BLCT) American Depositary Shares (“ADSs”) in accordance with and / or traceable to the registration statement and the associated prospectus (together the “Registration Statement”) issued in connection with the Company’s initial public offering on or about March 8th July, 2020 (the “IPO” or the “Offer”).

If you have suffered a loss on your BlueCity investment or would like to inquire about a possible claim for your loss under federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/bluecity-holdings -limited /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email [email protected] to learn more about your rights.

On December 2, 2020, BlueCity announced its third quarter and fiscal 2020 results, including announcing that the company’s cost of sales increased 41.4% year-over-year and sales and marketing expenses increased 86.3% year-over-year -Year, technology and development costs were up 49.5% yoy and general and administrative expenses were up 4.349% yoy.

As a result of the news, the company’s American Depositary Share (“ADS”) fell $ 3.30 per ADS, or 22.84%, to close at $ 11.15 per ADS on December 2, 2020, damaging investors.

On March 23, 2021, BlueCity released its results for the fourth quarter of 2020, including revenue of $ 42.7 million, missing consensus estimates by $ 3.92 million.

Following this news, BlueCity’s ADS price fell $ 3.25 per ADS, or 26.71%, in the following two trading sessions, closing at $ 8.92 per ADS on March 24, 2021, harming investors.

The lawsuit filed in this class action lawsuit alleges that defendants have made materially false and / or misleading statements and have failed to disclose material adverse facts about the Company’s business, operations and prospects. In particular, Defendants have failed to disclose to Investors that: (1) Defendants overestimated BlueCity’s business and financial prospects; (2) BlueCity was ill-equipped to bear the costs of transitioning to a publicly traded company, including the costs of going public and growing; (3) As a result of all of this, Defendants misrepresented BlueCity’s ability to achieve sustainable growth; and (4) as a result, the registration statement was materially false or misleading and did not contain any information to be included therein.

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If you have acquired or otherwise acquired BlueCity ADSs in accordance with the IPO and / or are attributable to them, you have no later than September 17, 2021, to request that the court be named as the lead plaintiff in this alleged class action lawsuit. To become a member of the class action, you do not need to take any action at this point; You can hire an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

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