San Diego, CA -- (SBWIRE) -- 08/04/2021 -- An investor, who purchased shares of BlueCity Holdings Limited (NASDAQ: BLCT), filed a lawsuit over alleged violations of Federal Securities Laws by BlueCity Holdings Limited in connection with BlueCity's July 8, 2020 initial public offering (the "IPO" or the "Offering").

Investors who purchased shares of BlueCity Holdings Limited (NASDAQ: BLCT) have certain options and for certain investors are short and strict deadlines running. Deadline: September 17, 2021. NASDAQ: BLCT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based BlueCity Holdings Limited operates a platform for LGBTQ community primarily under BlueCity brand in China, India, Korea, Thailand, and Vietnam.

On or around July 8, 2020, BlueCity Holdings Limited 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 Holdings Limited 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. BlueCity Holdings Limited reported that its annual Total Revenue rose from $758.88 million in 2019 to over $1.03 billion in 2020, and that its Net Loss increased from $52.93 million in 2019 to $226.67 million in 2020.

Shares of BlueCity Holdings Limited (NASDAQ: BLCT) declined from $12.90 per share on March 16, 2021 to as low as $8.05 per share

The plaintiff alleges on behalf of purchasers of BlueCity Holdings Limited (NASDAQ: BLCT) who purchased securities of BlueCity Holdings Limited (NASDAQ: BLCT)pursuant and/or traceable to BlueCity's July 8, 2020 initial public offering (the "IPO" or the "Offering"). that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the Registration Statement that was filed in connection with the IPO contained false and/or misleading statements and/or failed to disclose that Defendants had overstated BlueCity's business and financial prospects, that BlueCity was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs, that as a result of all the foregoing, Defendants had misrepresented BlueCity's capability for sustainable growth, and that as a result, the Offering Documents were materially false or misleading and failed to state information required to be stated therein

Those who purchased shares of BlueCity Holdings Limited (NASDAQ: BLCT) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.