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BLCT BREAKING INVESTOR ALERT: ROSEN, A GLOBALLY RECOGNIZED FIRM, Encourages BlueCity Holdings Limited Investors with Losses to Inquire About Class Action Investigation – BLCT

July 7, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Jul 7, 2021--

WHY: Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of BlueCity Holdings Limited (NASDAQ: BLCT) resulting from allegations that BlueCity may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased BlueCity securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2092.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

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WHAT IS THIS ABOUT: On or about July 8, 2020, BlueCity conducted its initial public offering (“IPO”), issuing 5,300,000 American Depositary Shares (“ADSs”) priced at $16.00 per ADS. 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 $2.15 per ADS, or over 25%, over the following two trading sessions, to close at $8.92 per ADS on March 24, 2021. BlueCity’s ADSs now trade below $8.00 per ADS, less than half of the $16.00 IPO price.

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WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210707005785/en/

CONTACT: Laurence Rosen, Esq.

Phillip Kim, Esq.

The Rosen Law Firm, P.A.

275 Madison Avenue, 40th Floor

New York, NY 10016

Tel: (212) 686-1060

Toll Free: (866) 767-3653

Fax: (212) 202-3827

lrosen@rosenlegal.com

pkim@rosenlegal.com

cases@rosenlegal.com

www.rosenlegal.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: The Rosen Law Firm, P.A.

Copyright Business Wire 2021.

PUB: 07/07/2021 01:11 PM/DISC: 07/07/2021 01:11 PM

http://www.businesswire.com/news/home/20210707005785/en