NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all investors that purchased Greenlane Holdings, Inc. securities between April 15, 2019 and September 11,2019 (“the “Class Period”). Investors have until November 12, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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In April 2019, the Greenlane held its initial public offering ("IPO") in which it sold more than 6 million common shares at $17.00 per share. On June 18, 2019, the San Francisco Board of Supervisors unanimously approved the ban on the sale and distribution of e-cigarette products within the city. It also endorsed a ban on the manufacturing of e-cigarette products on city property. On this news, the Company's share price fell $2.27, or over 17%, to close at $11 per share on June 19, 2019, on unusually heavy trading volume. Since the IPO, shares of Greenlane has traded as low as $5.39, a nearly 68% decline from the $17 per share IPO price.
The complaint, filed September 11,2019, alleges that the IPO registration statement was materially false and misleading and omitted to state: (1) that the City of San Francisco had introduced a major initiative to ban the sale of e-cigarette products across three major cities and prohibit the manufacture of products at the headquarters of Greenlane's key partner, JUUL Labs; (2) that, if approved, the initiative would materially and adversely impact the company's financial results and prospects; and (3) that, as a result of the foregoing, defendants' positive statements about the company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased Greenlane securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Greenlane lawsuit, please go to https://bespc.com/gnln. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
