According to the Complaint, BlueCity Holdings Limited operates a platform for the LGBTQ—lesbian, gay, bisexual, transgender, and queer (or questioning)—community primarily under the BlueCity brand in China, India, Korea, Thailand, and Vietnam. The Company operates a mobile application, Blued, together with other products and services. The Company’s LGBTQ platforms provide products and services, including social and entertainment, online health consulting and online pharmacy, and assisted reproductive technology services.

On June 16, 2020, BlueCity filed a registration statement on Form F-1 with the SEC in connection with the IPO, which, after amendment, was declared effective on July 7, 2020.

The Complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Defendants had overstated BlueCity’s business and financial prospects; (2) BlueCity was ill-equipped to absorb the costs of becoming a publicly traded company, including IPO- and growth-related costs; (3) as a result of all the foregoing, Defendants had misrepresented BlueCity’s capability for sustainable growth; and (4) as a result, the Offering Documents were materially false or misleading and failed to state information required to be stated therein.

On December 22, 2021, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on April 15, 2022. Defendants filed a Motion to Dismiss the amended Complaint on December 9.

On August 22, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. The case continues against the remaining Individual Defendants and Company Underwriters. Lead Plaintiffs voluntarily dismissed the case against the remaining Defendants on September 15, 2023.