LIZHI ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Lizhi, Inc. and Encourages Investors to Contact the Firm

NEW YORK–(BUSINESS WIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces a class action lawsuit has been filed in the US District Court for the Eastern District of New York on behalf of investors who bought Lizhi, Inc. (NASDAQ: LIZI) American Depositary Shares (“ADSs”) as determined by the Company’s initial public offering on or about January 17, 2020 (the “IPO” or the “Offering”) and / or traceable. Investors have until March 22, 2021 to apply to the court for appointment as the lead plaintiff in the lawsuit.

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On or about January 17, 2020, the company went public and sold 4.1 million Lizhi ADS at $ 11.00 per ADS. Defendants generated gross proceeds of approximately $ 45 million from the sale of Lizhi’s securities in the IPO.

At the start of this promotion, Lizhi shares will trade below $ 4 per share, a decrease of over 63% from the offer price.

The complaint filed on January 20, 2021 alleges that the IPO registration statement contained false and / or misleading statements and / or failed to reveal that: (1) the coronavirus had already ravaged China at the time of the IPO, the home base; the main market and major center for Lizhi, its employees and its customers; (2) The complications associated with the coronavirus were already having a negative impact on Lizhi’s business as employees and customers became infected with the virus, lost their jobs or otherwise had difficulties generating the content that was critical for Lizhi’s platform publish and monetize. (3) Even before the IPO, Lizhi employees and customers complained about and at Lizhi, which affected the company’s reputation, financial situation and prospects. and (4) as a result, the defendants’ public statements at all relevant times were materially false and / or misleading.

If you have purchased Lizhi ADSs in accordance with the IPO and / or are traceable and have suffered a loss, have information, want to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact us to Brandon Walker, Melissa Fortunato, or Marion Passmore by emailing investigations@bespc.com, by phone at (212) 355-4648, or by completing this contact form. There are no costs or obligations for you.

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.

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