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LOS ANGELES, Jan. 20, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Lizhi, Inc. ("Lizhi" or "the Company") (NASDAQ: LIZI) investors that acquired securities in relation to Lizhi’s January 17, 2020 initial public offering.
According to the lawsuit, the Registration Statement contained misleading and/or false statements and/or failed to disclose that: (1) the coronavirus was already ravaging China, the home base, principal market, and significant hub for Lizhi, its employees, and its customers, at the time of the IPO, ; (2) Lizhi’s business was already being negatively affected by the complications associated with the coronavirus, 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) Lizhi employees and customers complained of, and to, Lizhi, even prior to the IPO, which harmed the Lizhi’s reputation and financial condition and prospects; and (4) Lizhi’s public statements were materially false and/or misleading at all relevant times, as a result.
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