Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against BlueCity Holdings Limited
NEW YORK, July 21, 2021 / PRNewswire / – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a lead plaintiff motion in a class action lawsuit filed on behalf of investors who have bought or acquired the securities of BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT) of July 8, 2021 through July 19, 2021 (the “Class Period”). The lawsuit filed in The United States District Court for the Eastern District of new York alleges violations of the Securities Act of 1933.
If you have purchased BlueCity securities and / or would like to discuss your legal rights and options, please visit or contact BlueCity Shareholder Class Action Noah Wiesner toll free at (877) 779-1414 or [email protected]
The lawsuit alleges that the company’s offer documents were drawn up negligently and as a result contained untrue statements of material facts or omitted other facts that were necessary in order not to mislead the statements made. In particular, the offer documents were inaccurate or misleading and / or did not reveal that: (1) Defendants had overestimated BlueCity’s business and financial prospects; (2) the company was ill-equipped to bear the costs of converting to a publicly traded company, including IPO and growth costs; (3) Based on the foregoing, Defendants misrepresented the company’s ability to achieve sustainable growth; and (4) as a result, the Offer Document was materially false or misleading and / or did not contain any information that must be disclosed therein.
On December 2, 2020, BlueCity issues a press release announcing its financial and operating results for the third quarter and fiscal year 2020. The press release reported, among other things, that the company’s cost of sales increased 41.4% year-over-year, sales and marketing expenses increased 86.3% year-over-year, and technology and development expenses increased 49.5% % y / y and general and administrative expenses increased 4.349% y / y.
As a result of this news, the price of BlueCity’s American Depositary Share (“ADS”) fell $ 3.30 per ADS or 22.84% to at. close $ 11.15 per ADS December 2, 2020.
Then further March 23, 2021BlueCity published a press release announcing the results for the fourth quarter of 2020. Among other things, BlueCity gave sales of $ 42.7 million, lack of consensus estimates of $ 3.92 million.
With this news, BlueCity’s ADS price fell $ 3.25 per ADS or 26.71% over the following two trading sessions to the end $ 8.92 per ADS March 24, 2021.
If you want to appear as the main plaintiff, you have to go to court no later than no 17.09.2021. A lead plaintiff is a representative party who acts on behalf of other group members in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you do nothing, you can remain an absent class member.
If you have acquired BlueCity securities and / or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/bluecityholdings-blct-shareholder-class-action-lawsuit-fraud-stock-417 / apply / or contact Noah Wiesner toll free at (877) 779-1414 or [email protected]
Bernstein Liebhard LLP has been recovering since 1993 $ 3.5 billion for its customers. In addition to representing individual investors, the firm has been hired by some of the country’s largest public and private pension funds to monitor their assets and litigate on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been included on the National Law Journal’s “Plaintiffs’ Hot List” thirteen times and on The Legal 500 for ten consecutive years.
ADVERTISING LAWYER. © 2021 Bernstein Liebhard LLP. The firm responsible for this ad is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this report im State of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to future matters.
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SOURCE Bernstein Liebhard LLP