Lead Plaintiff Deadline: 03/22/2021
SUMMARY OF CASE:
A securities class action has been filed against Lizhi Inc. (LIZI) on behalf of purchasers of the securities of Lizhi pursuant and/or traceable to Lizhi’s January 17, 2020 initial public offering (the “IPO” or the “Offering.) This case has been filed in the USDC – E.D.N.Y.
The Complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) at the time of the IPO, the coronavirus was already ravaging China, the home base, principal market, and significant hub for Lizhi, its employees, and its customers; (2) the complications associated with the coronavirus were already negatively affecting Lizhi’s business, as employees and customers contracted the virus, lost employment, or otherwise experienced difficulty in generating, publishing, and monetizing the content critical to Lizhi’s platform; (3) even prior to the IPO, Lizhi employees and customers complained of, and to, Lizhi, which harmed the Company’s reputation and financial condition and prospects; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.