NEW YORK, Aug. 3, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of RLX Technology Inc. ("RLX" or the "Company") (NYSE: RLX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether RLX and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In January 2021, RLX conducted its initial public offering ("IPO"), selling approximately 116.5 million American Depositary Shares, priced at $12.00 per ADS, for gross proceeds of nearly $1.4 billion. Then, on or around March 22, 2021, China's Ministry of Industry and Information Technology posted draft regulations confirming that e-cigarettes and new tobacco products, including RLX's own product offerings, would be regulated similarly to traditional tobacco offerings.
On this news, RLX's stock price fell $9.31 per share, or 47.84%, to close at $10.15 per share on March 22, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.