Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased RLX Technology Inc. American Depositary Receipts (“ADRs”) pursuant or traceable to RLX’s January 2021 initial public stock offering (the “IPO”).
All investors who purchased the ADR’s of RLX Technology Inc. and incurred losses are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the ADR’s of RLX Technology Inc., you may, no later than August 9, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADR’s of RLX Technology Inc.
RLX claims to be the “No. 1 branded e-vapor company in China,” which it also claims is its “largest potential market.” On January 19, 2021, RLX filed its final amendment to a Form F-1 registration statement (the “Registration Statement”), which registered 133,975,000 RLX ADR for public sale. On January 22, 2021, the defendants priced the IPO at $12 per ADR and filed the final prospectus for the IPO, which forms part of the Registration Statement. Through the IPO, the defendants issued and sold approximately 116,500,000 RLX ADR, all pursuant to the Registration Statement, for gross proceeds of nearly $1.4 billion.
The filed complaint alleges that the Registration Statement misrepresented and omitted, among other things, RLX’s exposure to China’s then-existing campaign to establish a national standard for e-cigarettes that would bring them into line with regular cigarette regulations.
The truth was revealed when draft regulations were posted by the Ministry of Industry and Information Technology, before the market opened on March 22, 2021, eight weeks after RLX’s IPO, which confirmed e-cigarettes and new tobacco products would be regulated similar to traditional tobacco offerings.
Following this news, the price of RLX’s shares suffered an enormous decline. On March 22, 2021, RLX’s ADR closed at $10.15 per ADR, down nearly 48% from its previous close of $19.46 per ADR on March 19, 2021, the previous trading day.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774