NEW YORK, July 21, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a Lead Plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of BlueCity Holdings Limited ("BlueCity" or the "Company") (NASDAQ: BLCT) from 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 purchased BlueCity securities, and/or would like to discuss your legal rights and options please visit BlueCity Shareholder Class Action Lawsuit or contact Noah Wiesner toll free at (877) 779-1414 or email@example.com
The complaint alleges that the Company's offering documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted other facts necessary to make the statements made not misleading. Specifically, the offering documents were false or misleading and/or failed to disclose that: (1) defendants had overstated BlueCity's business and financial prospects; (2) the Company was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs; (3) as a result of the foregoing, defendants had misrepresented the Company's capability for sustainable growth; and (4) as a result, the offering documents were materially false or misleading and/or failed to state information required to be stated therein.
On December 2, 2020, BlueCity issues a press release announcing financial and operating results for the third quarter and fiscal year 2020. The press release reported, among other results, that the Company's cost of revenues had increased 41.4% year-over-year, selling and marketing expenses had increased 86.3% year-over-year, technology and development expenses had increased 49.5% year-over-year, and general and administrative expenses had increased 4,349% year-over-year.
On this news, BlueCity's American Depositary Share ("ADS") price fell $3.30 per ADS, or 22.84%, to close at $11.15 per ADS on December 2, 2020.
Then on March 23, 2021, BlueCity issued a press release announcing its results for the fourth quarter of 2020. Among other results, BlueCity announced revenue of $42.7 million, missing consensus estimates by $3.92 million.
On this news, BlueCity's ADS price fell $3.25 per ADS, or 26.71%, over the following two trading sessions, to close at $8.92 per ADS on March 24, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than September 17, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased 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 firstname.lastname@example.org
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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