San Diego, CA -- (SBWire) -- 05/19/2021 --Certain directors of BlueCity Holdings Limited are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of BlueCity Holdings Limited (NASDAQ: BLCT) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain BlueCity Holdings officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
China based BlueCity Holdings Limited operates a platform for LGBTQ community primarily under BlueCity brand in China, India, Korea, Thailand, and Vietnam.
On or around July 8, 2020, BlueCity Holdings Limited conducted its initial public offering, issuing 5,300,000 American Depositary Shares ("ADSs") priced at $16.00 per ADS.
Then, on March 23, 2021, BlueCity Holdings Limited announcing its results for the fourth quarter of 2020. Among other results, BlueCity announced revenue of $42.7 million, missing consensus estimates by $3.92 million. BlueCity Holdings Limited reported that its annual Total Revenue rose from $758.88 million in 2019 to over $1.03 billion in 2020, and that its Net Loss increased from $52.93 million in 2019 to $226.67 million in 2020.
Shares of BlueCity Holdings Limited (NASDAQ: BLCT) declined from $12.90 per share on March 16, 2021 to as low as $8.05 per share
Those who purchased shares of BlueCity Holdings Limited (NASDAQ: BLCT) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:BLCT Shareholder Notice: Investigation over Potential Wrongdoing at BlueCity Holdings Limited
An investigation on behalf of investors in BlueCity Holdings Limited (NASDAQ:BLCT) shares over potential wrongdoing at BlueCity Holdings Limited was announced.