NEW YORK, NY / ACCESSWIRE / August 23, 2021 / 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 email@example.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.
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.
SOURCE: Pomerantz LLP
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