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BlueCity Holdings Limited

Company NameBlueCity Holdings Limited
Stock SymbolBLCT
Lead Plaintiff Motion DeadlineSeptember 17, 2021

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, 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.

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