GlobeNewswire Inc | Jan 26, 2021 10:00AM EST

January 26, 2021

NEW YORK, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed againstLizhi Inc. ("Lizhi" or "the Company") (NASDAQ: LIZI) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Lizhi securities pursuant and/or traceable to Lizhis January 17, 2020 initial public offering (the "IPO" or the "Offering").Such investors are encouraged to join this case by visiting the firms site: www.bgandg.com/lizi.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.

The complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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; (3) 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 (4) as a result, Defendants public statements were materially false and/or misleading at all relevant times.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firms site: www.bgandg.com/lizi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Walmart you have until March 22, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firms expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:Bronstein, Gewirtz & Grossman, LLCPeretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com