Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Lizhi, Inc.
NEW YORK, January 26, 2021 / PRNewswire / – Wolf Haldenstein Adler Freeman & Herz LLP announces that a US federal class action lawsuit has been filed The United States District Court for the Eastern District of new York on behalf of investors who have acquired and / or are traceable to Lizhi, Inc. (NASDAQ: LIZI) American Depositary Receipts (“ADRs”) in accordance with the company’s initial public offering conducted on or about the company 17th January 2020 (the “IPO” or “Offering”).
All investors who have purchased ADRs from Lizhi, Inc. and have suffered losses are encouraged to contact the company immediately [email protected] or (800) 575-0735 or (212) 545-4774. For more information on the promotion, visit our website at www.whafh.com.
If you have suffered losses in Lizhi, Inc. ADRs, you can do so no later than March 22, 2021, ask the court to appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Lizhi, Inc. ADRs.
PLEASE CLICK THE LINK to join this case
Up or over 17th January 2020 The company went public and sold 4.1 million Lizhi ADRs $ 11.00 by ADR. The defendants generated roughly $ 45 million in the gross offer proceeds from the sale of Lizhi’s securities on the IPO.
At the start of this promotion, Lizhi shares were trading below $ 4 per share a decrease of over 63% compared to the offer price.
The complaint filed alleges that the IPO registration statement contained false and / or misleading statements and / or failed to disclose that:
- At the time of the IPO, the corona virus was already devastated China, the home base, main market and major hub for Lizhi, its employees and its customers;
- 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 struggled to generate, publish and close the critical content for Lizhi’s platform monetize.
- Even before the IPO, Lizhi employees and customers were complaining about and at Lizhi, which affected the company’s reputation, financial position and prospects. and
- As a result, the defendants’ public statements were materially false and / or misleading at all relevant times.
Wolf Haldenstein has extensive experience prosecuting class and derivative disputes in state and federal courts and appeals courts across the country. The firm has lawyers in various fields of activity; and offices in new York, Chicagoand San Diego. This law firm’s reputation and expertise in shareholder and other class disputes has been recognized repeatedly by the courts who have appointed them to key positions in complex securities multiple district and consolidated litigation.
If you would like to discuss this action or have questions about your rights and interests in this case, please contact us immediately Wolf Haldenstein by phone at (800) 575-0735, by email at [email protected]or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Heart LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
E-mail: [email protected], [email protected] or [email protected]
Tel .: (800) 575-0735 or (212) 545-4774
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Heart LLP