LIZHI, INC. ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Lizhi, Inc.

NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Lizhi, Inc. (NASDAQ: LIZI) American Depositary Receipts (“ADRs”) pursuant and/or traceable to the Company’s initial public offering conducted on or about January 17, 2020 (the “IPO” or “Offering”).

All investors who purchased ADR’s of Lizhi, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the ADR’s of Lizhi, Inc., you may, no later than March 22, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of ADR’s of Lizhi, Inc.

PLEASE CLICK LINK TO JOIN THIS CASE

On or about January 17, 2020 the company conducted its IPO, selling 4.1 million Lizhi ADR’s at $11.00 per ADR. Defendants generated approximately $45 million in gross offering proceeds from their sale of Lizhi’s securities in the IPO.

By the commencement of this action, Lizhi shares were trading below $4 per share, a decline of over 63% from the offering price.

The filed complaint alleges that the registration statement for the IPO contained false and/or misleading statements and/or failed to disclose that:

• 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;
  
  
• 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;
  
  
• 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
  
  
• as a result, defendants’ public statements were materially false and/or misleading at all relevant times.
  

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago, and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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