BlueCity Holdings Limited
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It is alleged in this complaint that the Registration Statement contained misleading and/or false statements and/or failed to disclose that: (1) BlueCity’s business and financial prospects were overstated; (2) BlueCity was ill-equipped to absorb the costs relating to existing as a publicly traded company, which included IPO- and growth-related costs; (3) Defendants had misrepresented BlueCity’s capability for sustainable growth, as a result of all the foregoing; and (4) the Offering Documents were materially false or misleading and failed to state information required to be stated therein, as a result.
ATI completed its business combination with Fortress Value Acquisition Corp. II (“FVAC II”), a special purpose acquisition company, on June 16, 2021. On July 26, 2021, ATI reported its financial results for the second fiscal quarter of 2021. ATI’s reported results included a net operating revenue of $164.0 million, in comparison to $149.1 million for the first quarter of 2021. ATI also announced that it was lowering guidance for the balance of the fiscal year. ATI’s stock price fell $3.62 per share, or 43.41%, on this news, to close at $4.72 per share on July 26, 2021.