RLX TECHNOLOGY INC. CLASS ACTION ALERT: Wolf Haldenstein

NEW YORK, June 18, 2021 (GLOBE NEWSWIRE) – Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a class action lawsuit in federal securities in the U.S. District Court for the southern borough of New York on behalf of the investors who made the purchase filed was RLX Technology Inc. (NYSE: RLX) (“RLX”) American Depositary Receipts (“ADRs”) pursuant to or traceable to RLX’s initial public offering in January 2021 (the “IPO”).

All investors who bought the ADRs from RLX Technology Inc.. and any losses incurred are urged to contact the company immediately [email protected] or (800) 575-0735 or (212) 545-4774. You can get more information about the promotion or join the case on our website, www.whafh.com.

If you have suffered losses in RLX Technology Inc.’s ADRs, You can, no later than August 9, 2021, request that the court appoint you as the lead plaintiff of the proposed group. Please contact Wolf Haldenstein to learn more about your rights as an investor in RLX Technology Inc.’s ADRs.

PLEASE CLICK HERE TO JOIN CASE

RLX claims to be the “No. 1 Branded E-Vapor Company in China” which is also its “Biggest Potential Market”. On January 19, 2021, RLX filed its final amendment to a Form F-1 Registration Statement (the “Registration Statement”) registering 133,975,000 RLX ADRs for public sale. On January 22, 2021, defendants set the IPO at $ 12 per ADR and filed the final prospectus for the IPO, which is part of the registration statement. Through the IPO, defendants issued and sold approximately 116,500,000 RLX ADRs, all as per the registration statement, for gross proceeds of nearly $ 1.4 billion.

The complaint filed alleges that the registration statement misrepresented and omitted, among other things, RLX’s exposure to China’s then-existing campaign to introduce a national e-cigarette standard that would bring it in line with regular cigarette regulations.

The truth was revealed when the Department of Industry and Information Technology released draft regulations before the market released on March 22, 2021, eight weeks after RLX’s IPO, which confirmed that e-cigarettes and new tobacco products will be regulated in a similar way to traditional tobacco became deals.

After this news, the price of RLX shares suffered a huge decline. On March 22, 2021, RLX’s ADR closed at $ 10.15 per ADR, a decrease of nearly 48% from the previous closing price of $ 19.46 per ADR on March 19, 2021, the previous trading day.

Wolf Haldenstein has extensive experience prosecuting securities class actions and derivatives disputes in state and federal courts and appeals courts across the country. The firm has lawyers in various fields of activity; and offices in New York, Chicago and San Diego. This firm’s reputation and expertise in shareholder and other class action lawsuits have been recognized repeatedly by the courts who have appointed them to key positions in complex securities, multi-district and consolidated litigation.

If you would like to discuss this measure or if you have any questions about your rights and interests in this case, please contact Wolf Haldenstein immediately by telephone at (800) 575-0735, by email at [email protected] or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, director of case and financial analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

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