NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against BlueCity Holdings Limited ("BlueCity" or "the Company") (NASDAQ: BLCT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired BlueCity securities pursuant and/or traceable to BlueCity’s July 8, 2020 initial public offering (the "IPO" or the "Offering"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/blct.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The complaint alleges the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Defendants had overstated BlueCity’s business and financial prospects; (2) BlueCity was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs; (3) as a result of all the foregoing, Defendants had misrepresented BlueCity’s capability for sustainable growth; and (4) as a result, the Offering Documents were materially false or misleading and failed to state information required to be stated therein.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/blct or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanon of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in BlueCity you have until September 17, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.