RADNOR, Pa., June 19, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit for securities fraud has been filed against RLX Technology Inc. in the United States District Court for the Southern District of New York. (NYSE: RLX) (“RLX”) on behalf of those who have purchased or acquired RLX American Depository Shares (“ADSs”) according to or traceable to the initial public offering of RLX in January 2021 (the “IPO”).
Investor Deadline Reminder: Investors who have bought or acquired RLX ADSs according to or traceable to the IPO, no later than August 9, 2021to be appointed as the group’s lead plaintiff. For more information or information on how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to firstname.lastname@example.org; or click https://www.ktmc.com/rlx-technology-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=rlx_technology
RLX claims the “No. 1 Branded E-Vapor Company in China “which it also claims is its” largest potential market “. On January 22, 2021, defendants set the IPO at $ 12 per ADS 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 ADS, all as per the registration statement, for gross proceeds of nearly $ 1.4 billion.
Ahead of the market opening on March 22, 2021, the Ministry of Industry and Information Technology published a draft regulation confirming that e-cigarettes and new tobacco products will be regulated in a similar way to traditional tobacco offerings. After this news, the price of the RLX share suffered a huge decline. On March 22, 2021, RLX’s ADSs closed at $ 10.15 per ADS, a decrease of nearly 48% from the previous closing price of $ 19.46 per ADS on March 19, 2021, the previous trading day.
Then, on June 2, 2021, RLX released its financial results for the first quarter of 2021, announcing an increase in net sales of just 48% from the previous quarter. Following this news, shares of RLX fell, closing at $ 9.90 per ADS on June 4, 2021, down nearly 9% from $ 10.87 per ADS on June 3, 2021. Before the litigation began, RLX’s shares were trading at just $ 7.89 per ADS, or more than 32% below its IPO price.
RLX investors can no later than August 9, 2021, attempt to be appointed as lead class representative by Kessler Topaz Meltzer & Check, LLP, or other legal counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in the conduct of the dispute. To be appointed as a lead plaintiff, the court must determine that the class action plaintiff’s complaint is typical of the claims of other class action plaintiffs and that the class plaintiff is adequately representing the class action. Your ability to participate in a recovery will not be affected by whether or not you wish to be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP pursues class action lawsuits in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of state and federal laws. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has collected billions of dollars on behalf of institutional and private investors from the US and around the world. The firm represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and participate in recovery of government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.
Kessler Topas Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
Radnor, PA 19087
(844) 887-9500 (toll free)