{"id":460893,"date":"2021-03-18T11:38:29","date_gmt":"2021-03-18T15:38:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=460893"},"modified":"2021-03-18T11:38:29","modified_gmt":"2021-03-18T15:38:29","slug":"the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-lizhi-inc-lizi","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-lizhi-inc-lizi\/","title":{"rendered":"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lizhi, Inc. (LIZI)"},"content":{"rendered":"

<\/p>\n

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lizhi, Inc. (LIZI)<\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–The Law Offices of Frank R. Cruz<\/a> reminds investors of the upcoming March 22, 2021<\/b> deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Lizhi Inc. (\u201cLizhi\u201d or the \u201cCompany\u201d) (NASDAQ: LIZI<\/a>) American Depositary Shares (\u201cADSs\u201d or \u201cshares\u201d) pursuant and\/or traceable to the Company\u2019s January 2020 initial public offering (\u201cIPO\u201d or the \u201cOffering\u201d).\n<\/p>\n

\nIf you are a shareholder who suffered a loss, click here<\/a> to participate.\n<\/p>\n

\nIn January, 2020, Lizhi conducted its IPO, issuing 4.1 million ADSs priced at $11.00 per ADS.\n<\/p>\n

\nOn April 20, 2020, Lizhi admitted that before the IPO, as early as \u201clate 2019,\u201d the COVID-19 pandemic was already negatively impacting its business.\n<\/p>\n

\nSince the IPO, Lizhi shares are trading below $4 per share, or 63% below the IPO price.\n<\/p>\n

\nThe complaint alleges that Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.\n<\/p>\n

\nFollow us for updates on Twitter: twitter.com\/FRC_LAW<\/a>.\n<\/p>\n

\nIf you purchased or otherwise acquired Lizhi ADSs pursuant and\/or traceable to the IPO, you may move the Court no later than March 22, 2021 <\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com<\/a>, or visit our website at www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n

\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210318005359\/en\/<\/a><\/span><\/p>\n

\nThe Law Offices of Frank R. Cruz, Los Angeles
\n
Frank R. Cruz, 310-914-5007
\n
fcruz@frankcruzlaw.com
\n<\/a>
www.frankcruzlaw.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lizhi, Inc. (LIZI) LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming March 22, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Lizhi Inc. (\u201cLizhi\u201d or the \u201cCompany\u201d) (NASDAQ: LIZI) American Depositary Shares (\u201cADSs\u201d or \u201cshares\u201d) pursuant and\/or traceable to the Company\u2019s January 2020 initial public offering (\u201cIPO\u201d or the \u201cOffering\u201d). If you are a shareholder who suffered a loss, click here to participate. In January, 2020, Lizhi conducted its IPO, issuing 4.1 million ADSs priced at $11.00 per ADS. On April 20, 2020, Lizhi admitted that … <\/p>\n

Continue reading “The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lizhi, Inc. (LIZI)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-460893","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lizhi, Inc. 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Cruz reminds investors of the upcoming March 22, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Lizhi Inc. (\u201cLizhi\u201d or the \u201cCompany\u201d) (NASDAQ: LIZI) American Depositary Shares (\u201cADSs\u201d or \u201cshares\u201d) pursuant and\/or traceable to the Company\u2019s January 2020 initial public offering (\u201cIPO\u201d or the \u201cOffering\u201d). If you are a shareholder who suffered a loss, click here to participate. In January, 2020, Lizhi conducted its IPO, issuing 4.1 million ADSs priced at $11.00 per ADS. On April 20, 2020, Lizhi admitted that … Continue reading "The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lizhi, Inc. 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