GlobeNewswire Inc | Feb 18, 2021 11:30AM EST

February 18, 2021

LOS ANGELES, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingMarch 22, 2021deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Lizhi Inc. (Lizhi or the Company) (NASDAQ: LIZI) American Depositary Shares (ADSs or shares) pursuant and/or traceable to the Companys January 2020 initial public offering (IPO or the Offering).

If you suffered a loss on your Lizhi investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/lizhi-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

In January, 2020, Lizhi conducted its IPO, issuing 4.1 million ADSs priced at $11.00 per ADS.

On April 20, 2020, Lizhi admitted that before the IPO, as early as late 2019, the COVID-19 pandemic was already negatively impacting its business.

Since the IPO, Lizhi shares are trading below $4 per share, or 63% below the IPO price.

The complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 Lizhi's business, as employees and customers contracted the virus, lost employment, or otherwise experienced difficulty in generating, publishing, and monetizing the content critical to Lizhi's platform; (3) even prior to the IPO, Lizhi employees and customers complained of, and to, Lizhi, which harmed the Company's reputation and financial condition and prospects; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Lizhi ADSs pursuant and/or traceable to the IPO, you may move the Court no later thanMarch 22, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish tolearn moreabout this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts Glancy Prongay & Murray LLP, Los Angeles Charles Linehan, 310-201-9150 or 888-773-9224 shareholders@glancylaw.comwww.glancylaw.com