GlobeNewswire Inc | Jan 25, 2021 04:15PM EST

January 25, 2021

NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Lizhi, Inc. (NASDAQ: LIZI) American Depositary Receipts (ADRs) pursuant and/or traceable to the Companys initial public offering conducted on or about January 17, 2020 (the IPO or Offering).

All investors who purchased ADRs of Lizhi, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the ADRs of Lizhi, Inc., you may,no later than March 22, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of ADRs of Lizhi, Inc.

PLEASE CLICK LINK TO JOIN THIS CASE

On or about January 17, 2020 the company conducted its IPO, selling 4.1 million Lizhi ADRs at $11.00 per ADR. Defendants generated approximately $45 million in gross offering proceeds from their sale of Lizhis securities in the IPO.

By the commencement of this action, Lizhi shares were trading below $4 per share, a decline of over 63% from the offering price.

The filed complaint alleges that the registration statement for the IPO contained false and/or misleading statements and/or failed to disclose that:

-- at the time of the IPO, the coronavirus was already ravaging China, the home base, principal market, and significant hub for Lizhi, its employees, and its customers; -- the complications associated with the coronavirus were already negatively affecting Lizhis business, as employees and customers contracted the virus, lost employment, or otherwise experienced difficulty in generating, publishing, and monetizing the content critical to Lizhis platform; -- even prior to the IPO, Lizhi employees and customers complained of, and to, Lizhi, which harmed the Companys reputation and financial condition and prospects; and -- as a result, defendants public statements were materially false and/or misleading at all relevant times.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago, and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: gstone@whafh.com, kcooper@whafh.comor classmember@whafh.comTel: (800) 575-0735 or (212) 545-4774

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