The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lizhi, Inc. (LIZI) Investors

LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Lizhi Inc. (“Lizhi” or the “Company”) (NASDAQ: LIZI) American Depositary Shares (“ADSs” or “shares”) pursuant and/or traceable to the Company’s January 2020 initial public offering (“IPO” or the “Offering”). Lizhi investors have until March 22, 2021 to file a lead plaintiff motion.

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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…