GlobeNewswire Inc | Jan 20, 2021 07:34PM EST

January 21, 2021

Click here to join the case

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 Lizhis January 17, 2020 initial public offering.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

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) Lizhis 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 Lizhis platform; (3) Lizhi employees and customers complained of, and to, Lizhi, even prior to the IPO, which harmed the Lizhis reputation and financial condition and prospects; and (4) Lizhis public statements were materially false and/or misleading at all relevant times, as a result.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firms founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.Admitted CA and NY Barlesley@portnoylaw.com310-692-8883www.portnoylaw.com

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