The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Bluecity Holdings Limited (NASDAQ: BLCT) 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.
According to the Bluecity Holdings lawsuit, throughout the Class Period defendants made 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 suffered a loss in Bluecity Holdings 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.
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