LOS ANGELES, CA / ACCESSWIRE / September 16, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against BlueCity Holdings Limited ("BlueCity" or "the Company") (NASDAQ:BLCT) for violations of the federal securities laws.
Investors who purchased the Company's shares pursuant and/or traceable to the Company's initial public offering conducted on July 8, 2020 (the "IPO"), are encouraged to contact the firm before September 17, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. BlueCity overstated its business and financial prospects. The Company was not equipped to absorb the costs of its IPO and subsequent growth. The Company misrepresented its prospects for sustainable growth. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about BlueCity, investors suffered damages.
Join the caseto recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]
SOURCE: The Schall Law Firm