San Diego, CA -- (SBWIRE) -- 02/01/2021 -- An investor, who purchased shares of Lizhi Inc. (NASDAQ: LIZI), filed a lawsuit in over alleged violations of Federal Securities Laws by Lizhi Inc. in connection with Lizhi's January 17, 2020 initial public offering (the "IPO" or the "Offering").

Investors who purchased shares of Lizhi Inc. (NASDAQ: LIZI) have certain options and for certain investors are short and strict deadlines running. Deadline: March 22, 2021. NASDAQ: LIZI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based Lizhi Inc. operates an online user-generated content audio community, interactive audio entertainment platform, and online audio platform in China. On or about January 17, 2020, Lizhi Inc. sold about 11 million shares of stock in its initial public stock offering (the "IPO"), at $11.00 a share raising nearly $45.1 million in new capital. However, since the IPO, Lizhi Inc. stock has plummeted to as low as $3.40 per share on September 14, 2020.

The plaintiff claims that the Registration Statement that was filed in connection with Lizhi's 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, that 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, that 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 that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

Those who purchased shares of Lizhi Inc. (NASDAQ: LIZI) 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.