The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Bluecity Holdings Limited (NASDAQ: BLCT) 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 action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Bluecity Holdings lawsuit alleges 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.
Shareholders have until September 17, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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