Chinese LGBTQ App Co. Hit With Suit Over Share Price Drops

Law360 (July 20, 2021, 6:44 PM EDT) -- The operator of China's largest LGBTQ dating app has been hit with a proposed investor class action alleging that its initial public offering documents overstated its business and financial prospects and omitted that it was unprepared to absorb the costs of becoming publicly traded, leading to stock drops.

Junhui Jiang said in Monday's suit that BlueCity Holdings Ltd. — which operates the app Blued and other products in China, India, Korea, Thailand and Vietnam — made false or misleading statements or omissions in its offering documents tied to its IPO last year. The suit also names as defendants affiliates, executives and...

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