According to the lawsuit, The offering documents were negligently prepared and were false or misleading or failed to disclose that:
- Defendants had overstated BlueCity’s business and financial prospects;
- BlueCity was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs;
- As a result of all the foregoing, defendants had misrepresented the Company’s capability for sustainable growth; and
- As a result, the offering documents were materially false or misleading and failed to state information required to be stated therein.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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