The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Bluecity Holdings Limited who purchased pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about July 8, 2020.
The filed complaint alleges that defendants made materially false and/or misleading statements 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 all 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 17, 2021 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.