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BLUECITY HOLDINGS LIMITED

(BLCT)
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The Law Offices of Frank R. Cruz : Reminds Investors of Looming Deadline in the Class Action Lawsuit Against BlueCity Holdings Limited (BLCT)

09/15/2021 | 11:46am EST

The Law Offices of Frank R. Cruz reminds investors of the upcoming September 17, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT) American Depositary Shares (“ADSs”) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s initial public offering conducted on or about July 8, 2020 (the “IPO” or the “Offering”).

If you are a shareholder who suffered a loss, click here to participate.

On December 2, 2020, BlueCity reported its third quarter and fiscal year 2020 results, disclosing, among other results, that the Company's cost of revenues had increased 41.4% 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.

On this news, the Company’s American Depositary Share ("ADS") price fell $3.30 per ADS, or 22.84%, to close at $11.15 per ADS on December 2, 2020, thereby injuring investors.

Then on March 23, 2021, BlueCity reported its results for the fourth quarter of 2020, disclosing, among other results, revenue of $42.7 million, missing consensus estimates by $3.92 million.

On this news, BlueCity's ADS price fell $3.25 per ADS, or 26.71%, over the following two trading sessions, to close at $8.92 per ADS on March 24, 2021, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) defendants had overstated BlueCity's business and financial prospects; (2) BlueCity was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs; (3) as a result of all the foregoing, defendants had misrepresented BlueCity's capability for sustainable growth; and (4) as a result, the Registration Statement was materially false or misleading and failed to state information required to be stated therein.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired BlueCity ADSs pursuant and/or traceable to the IPO, you may move the Court no later than September 17, 2021 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, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2021
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Financials
Sales 2021 1 204 M 188 M 188 M
Net income 2021 -142 M -22,2 M -22,2 M
Net Debt 2021 - - -
P/E ratio 2021 -3,59x
Yield 2021 -
Capitalization 526 M 82,3 M 82,3 M
Capi. / Sales 2021 0,44x
Capi. / Sales 2022 0,38x
Nbr of Employees 755
Free-Float 28,7%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 14,26 CNY
Average target price 32,38 CNY
Spread / Average Target 127%
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Bao Li Ma Chairman & Chief Executive Officer
Jun Chen Sun Chief Financial Officer
Yuan Chen Liu Chief Technology Officer
Wen Jie Wu Independent Director
Sheng Wen Rong Independent Director
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