Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against RLX Technology Inc. (NYSE: RLX) (“RLX” or the “Company”), its U.S. representatives, certain RLX directors and officers and the underwriters of RLX’s January 2021 initial public offering (“IPO”), alleging violations of §§11, 12 and 15 of the Securities Act, 15 U.S.C. §§77k, 77l(a)(2), and 77o. If you purchased RLX American Depository Shares (“ADS”) pursuant and/or traceable to the Company’s IPO on or about January 22, 2021, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312 for more information.
RLX purports to be the “No. 1 branded e-vapor company in China.” According to the complaint filed in the Southern District of New York, the registration statement and prospectus used to effectuate the Company’s IPO misstated and/or omitted facts concerning the Company’s then-existing exposure to China’s ongoing campaign to establish a national standard for e-cigarettes, which would bring them into line with ordinary cigarette regulations, and that RLX’s reported financials were not nearly as robust as the offering materials projected, nor were they indicative of future results. As a result, investors purchased RLX shares at artificially inflated prices.
As the truth about RLX’s financials and its regulatory exposure reached the market, the value of the Company’s shares declined dramatically. By the commencement of the action, RLX’s shares traded as low as $7.89 per ADS, or over 34% below the $12 IPO price.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is Monday August 9, 2021. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased RLX ADSs pursuant and/or traceable to the Company’s IPO, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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