NEW YORK, NY / ACCESSWIRE / January 28, 2021 / Pomerantz LLP is investigating claims on behalf of investors of Lizhi Inc.(“Lizhi” or the “Organization”) (NASDAQ:LIZI). Such buyers are recommended to get hold of Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation issues regardless of whether Lizhi and selected of its officers and/or administrators have engaged in securities fraud or other unlawful small business tactics.
On or around January 17, 2020, Lizhi carried out its initial community presenting (“IPO”), promoting a lot more than $4.1 million American depositary shares (“ADSs”) priced at $11.00 per Advertisements. On March 12, 2020, Lizhi submitted a report on Variety 6-K with the U.S. Securities and Exchange Commission (“SEC”), admitting that the Corporation experienced presently been impacted by the COVID-19 pandemic, stating, in appropriate element, that the “COVID-19 outbreak has triggered, and may well go on to bring about, businesses in China, including [Lizhi], to carry out short term adjustment of do the job strategies enabling workforce to get the job done from residence” and that “[t]he extent to which COVID-19 impacts our outcomes will count on upcoming developments, which are very uncertain and can not be predicted, such as new facts which might arise about the severity of COVID-19 and the actions to incorporate or take care of its effect, amid many others.” Two months later, on April 20, 2020, in its Annual Report submitted with the SEC, Lizhi even more admitted that even before the IPO, indeed as early as “late 2019,” the COVID-19 pandemic was now negatively impacting its organization.
Due to the fact the IPO, Lizhi’s ADSs have traded as minimal as $1.96 for every Adverts, representing a decrease of additional than 82% from the supplying value.
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Source: Pomerantz LLP
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