ADVERTISEMENT
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Related topics
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of BlueCity ...

August 15, 2021 GMT

NEW YORK, Aug. 15, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether BlueCity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

ADVERTISEMENT

On or around July 8, 2020, BlueCity conducted its initial public offering, 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 26.71%, over the following two trading sessions, to close at $8.92 per ADS on March 24, 2021.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com