{"id":522233,"date":"2021-08-03T09:31:14","date_gmt":"2021-08-03T13:31:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/"},"modified":"2021-08-03T09:31:14","modified_gmt":"2021-08-03T13:31:14","slug":"investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/","title":{"rendered":"Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit &#8211; BLCT"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SAN DIEGO<\/span>, <span class=\"xn-chron\">Aug. 3, 2021<\/span> \/PRNewswire\/ &#8212; The <i>BlueCity Holdings Limited<\/i> class action lawsuit charges BlueCity Holdings Limited (NASDAQ: BLCT), certain of its top executives, the underwriters of BlueCity&#8217;s <span class=\"xn-chron\">July 8, 2020<\/span> initial public offering (&#8220;IPO&#8221;), and others with violations of the Securities Act of 1933.\u00a0 The <i>BlueCity <\/i>class action lawsuit seeks to represent purchasers of BlueCity American Depositary Shares (&#8220;ADSs&#8221;) pursuant and\/or traceable to the offering documents issued in connection with BlueCity&#8217;s IPO.\u00a0 The <i>BlueCity<\/i> class action lawsuit \u2013 <i>Jiang v. BlueCity Holdings Limited<\/i>, No. 21-cv-04044 \u2013 was commenced on <span class=\"xn-chron\">July 19, 2021<\/span> in the Eastern District of <span class=\"xn-location\">New York<\/span>.<\/p>\n<p>\n        <b>If you suffered substantial losses and wish to serve as lead plaintiff of the <i>BlueCity<\/i><\/b>\u00a0<b>class action lawsuit, please <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3246951-1&amp;h=4293886163&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fcases-bluecity-holdings-limited-class-action-lawsuit-blct%2Cjoin.html&amp;a=provide+your+information+by+clicking+here\" rel=\"nofollow noopener\">provide your information by clicking here<\/a>.\u00a0 You can also contact attorney <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3246951-1&amp;h=3451187579&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Fattorneys-Juan-Carlos-Sanchez.html&amp;a=J.C.Sanchez\" rel=\"nofollow noopener\">J.C.Sanchez<\/a> of Robbins Geller by calling 800\/449-4900 or via e-mail at <a target=\"_blank\" href=\"mailto:jsanchez@rgrdlaw.com\" rel=\"nofollow noopener\">jsanchez@rgrdlaw.com<\/a>.\u00a0 Lead plaintiff motions for the <i>BlueCity<\/i><\/b>\u00a0<b>class action lawsuit must be filed with the court no later than <span class=\"xn-chron\">September 17, 2021<\/span>.<\/b><\/p>\n<p>\n        <b>CASE ALLEGATIONS<\/b>: The <i>BlueCity<\/i> class action lawsuit alleges that BlueCity&#8217;s offering documents were false or misleading and\/or failed to disclose that: (i) defendants had overstated BlueCity&#8217;s business and financial prospects; (ii) BlueCity was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs; (iii) consequently, defendants had misrepresented BlueCity&#8217;s capability for sustainable growth; and (iv) as a result, the offering documents were materially false or misleading and\/or failed to state information required to be stated therein.<\/p>\n<p>On <span class=\"xn-chron\">December 2, 2020<\/span>, BlueCity issued a press release announcing its unaudited financial and operating results for the third quarter of fiscal year 2020.\u00a0 BlueCity&#8217;s press release reported, among other results, that its cost of revenues had increased 41.3% year-over-year, selling and marketing expenses had increased 86.3% year-over-year, technology and development expenses had increased 49.5% year-over-year, and general and administrative expenses had increased 4,349% year-over-year.\u00a0 BlueCity attributed its increased costs to, among other things, the growth of revenue-sharing costs, expenses related to its IPO, and increased advertising and promotion expenses and staff costs.\u00a0 On this news, BlueCity&#8217;s ADS price fell by nearly 23%.<\/p>\n<p>Then, on <span class=\"xn-chron\">March 23, 2021<\/span>, BlueCity issued a press release announcing its results for the fourth quarter of fiscal year 2020.\u00a0 Among other results, BlueCity announced revenue of <span class=\"xn-money\">$42.7 million<\/span>, missing consensus estimates by <span class=\"xn-money\">$3.92 million<\/span>.\u00a0 BlueCity also reported that its cost of revenues had increased 29% year-over-year, selling and marketing expenses increased 56.7% year-over-year, technology and development expenses increased 9% year-over-year, and general and administrative expenses had increased 345.5% year-over-year.\u00a0 BlueCity attributed these increased costs to, among other things, the growth of revenue-sharing costs and live streaming services, increased advertising and promotion expenses and staff costs, increased staff cost in technology and development personnel, share-based compensation expenses, and increased professional fees and staff cost.\u00a0 On this news, BlueCity&#8217;s ADS price fell an additional 26%, further damaging investors.<\/p>\n<p>\n        <b>THE LEAD PLAINTIFF PROCESS<\/b>: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased BlueCity ADSs pursuant and\/or traceable to the offering documents issued in connection with BlueCity&#8217;s IPO to seek appointment as lead plaintiff in the <i>BlueCity<\/i> class action lawsuit.\u00a0 A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.\u00a0 A lead plaintiff acts on behalf of all other class members in directing the<i> BlueCity<\/i> class action lawsuit.\u00a0 The lead plaintiff can select a law firm of its choice to litigate the <i>BlueCity<\/i> class action lawsuit.\u00a0 An investor&#8217;s ability to share in any potential future recovery of the <i>BlueCity<\/i> class action lawsuit is not dependent upon serving as lead plaintiff.\u00a0 <\/p>\n<p>\n        <b>ABOUT ROBBINS GELLER RUDMAN &amp; DOWD LLP<\/b>: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman &amp; Dowd LLP is the largest U.S. law firm representing investors in securities class actions.\u00a0 Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever \u2013 <span class=\"xn-money\">$7.2 billion<\/span> \u2013 in <i>In re Enron Corp. Sec. Litig<\/i>.\u00a0 The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering <span class=\"xn-money\">$1.6 billion<\/span> for investors last year, more than double the amount recovered by any other securities plaintiffs&#8217; firm.\u00a0 Please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3246951-1&amp;h=42787002&amp;u=https%3A%2F%2Fwww.rgrdlaw.com%2Ffirm.html&amp;a=https%3A%2F%2Fwww.rgrdlaw.com%2Ffirm.html\" rel=\"nofollow noopener\">https:\/\/www.rgrdlaw.com\/firm.html<\/a> for more information.\u00a0 <\/p>\n<p>Attorney advertising.<br \/>Past results do not guarantee future outcomes.<br \/>Services may be performed by attorneys in any of our offices.<\/p>\n<div>\n<table id=\"convertedTable9782\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Contact:<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Robbins Geller Rudman &amp; Dowd LLP<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">655 W. Broadway, San Diego, CA\u00a0 92101 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">J.C. Sanchez, 800-449-4900<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"mailto:jsanchez@rgrdlaw.com\" class=\"prnews_a\" rel=\"nofollow noopener\">jsanchez@rgrdlaw.com<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA62399&amp;sd=2021-08-03\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit---blct-301346573.html\">https:\/\/www.prnewswire.com\/news-releases\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit&#8212;blct-301346573.html<\/a><\/p>\n<p>SOURCE  Robbins Geller Rudman &amp; Dowd LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA62399&amp;Transmission_Id=202108030928PR_NEWS_USPR_____LA62399&amp;DateId=20210803\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SAN DIEGO, Aug. 3, 2021 \/PRNewswire\/ &#8212; The BlueCity Holdings Limited class action lawsuit charges BlueCity Holdings Limited (NASDAQ: BLCT), certain of its top executives, the underwriters of BlueCity&#8217;s July 8, 2020 initial public offering (&#8220;IPO&#8221;), and others with violations of the Securities Act of 1933.\u00a0 The BlueCity class action lawsuit seeks to represent purchasers of BlueCity American Depositary Shares (&#8220;ADSs&#8221;) pursuant and\/or traceable to the offering documents issued in connection with BlueCity&#8217;s IPO.\u00a0 The BlueCity class action lawsuit \u2013 Jiang v. BlueCity Holdings Limited, No. 21-cv-04044 \u2013 was commenced on July 19, 2021 in the Eastern District of New York. If you suffered substantial losses and wish to serve as lead plaintiff of the BlueCity\u00a0class action lawsuit, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit &#8211; BLCT&#8221;<\/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-522233","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit - BLCT - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit - BLCT - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SAN DIEGO, Aug. 3, 2021 \/PRNewswire\/ &#8212; The BlueCity Holdings Limited class action lawsuit charges BlueCity Holdings Limited (NASDAQ: BLCT), certain of its top executives, the underwriters of BlueCity&#8217;s July 8, 2020 initial public offering (&#8220;IPO&#8221;), and others with violations of the Securities Act of 1933.\u00a0 The BlueCity class action lawsuit seeks to represent purchasers of BlueCity American Depositary Shares (&#8220;ADSs&#8221;) pursuant and\/or traceable to the offering documents issued in connection with BlueCity&#8217;s IPO.\u00a0 The BlueCity class action lawsuit \u2013 Jiang v. BlueCity Holdings Limited, No. 21-cv-04044 \u2013 was commenced on July 19, 2021 in the Eastern District of New York. If you suffered substantial losses and wish to serve as lead plaintiff of the BlueCity\u00a0class action lawsuit, &hellip; Continue reading &quot;Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit &#8211; BLCT&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-03T13:31:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA62399&amp;sd=2021-08-03\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit &#8211; 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The BlueCity Holdings Limited class action lawsuit charges BlueCity Holdings Limited (NASDAQ: BLCT), certain of its top executives, the underwriters of BlueCity&#8217;s July 8, 2020 initial public offering (&#8220;IPO&#8221;), and others with violations of the Securities Act of 1933.\u00a0 The BlueCity class action lawsuit seeks to represent purchasers of BlueCity American Depositary Shares (&#8220;ADSs&#8221;) pursuant and\/or traceable to the offering documents issued in connection with BlueCity&#8217;s IPO.\u00a0 The BlueCity class action lawsuit \u2013 Jiang v. BlueCity Holdings Limited, No. 21-cv-04044 \u2013 was commenced on July 19, 2021 in the Eastern District of New York. If you suffered substantial losses and wish to serve as lead plaintiff of the BlueCity\u00a0class action lawsuit, &hellip; Continue reading \"Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit &#8211; BLCT\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/","og_site_name":"Market Newsdesk","article_published_time":"2021-08-03T13:31:14+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA62399&amp;sd=2021-08-03","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/investors-with-substantial-losses-have-opportunity-to-lead-the-bluecity-holdings-limited-class-action-lawsuit-blct\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Investors with Substantial Losses Have Opportunity to Lead the BlueCity Holdings Limited Class Action Lawsuit &#8211; 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