Skip to Content

Lizhi Inc

Company NameLizhi Inc
Stock SymbolLIZI
Lead Plaintiff Motion DeadlineMarch 22, 2021

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 before the IPO, as early as “late 2019,” the COVID-19 pandemic was already negatively impacting its business.

Since the IPO, Lizhi shares are trading below $4 per share, or 63% below the IPO pricce. 

The complaint 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) 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.

 

Submit Your Information

If you suffered a loss on your Lizhi Inc investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

Shares Purchased

Number of SharesBuy DatePrice Per ShareAdd

Shares Sold

Number of SharesSell DatePrice Per ShareAdd