Scott+Scott Attorneys at Law LLP (โScott+Scottโ), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against RLX Technology Inc. (NYSE: RLX) (โRLXโ or the โCompanyโ), its U.S. representatives, certain RLX directors and officers and the underwriters of RLXโs January 2021 initial public offering (โIPOโ), alleging violations of ยงยง11, 12 and 15 of the Securities Act, 15 U.S.C. ยงยง77k, 77l(a)(2), and 77o. If you purchased RLX American Depository Shares (โADSโ) pursuant and/or traceable to the Companyโs 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 โNo. 1 branded e-vapor company in China.โ According to the complaint filed in the Southern District of New York, the registration statement and prospectus used to effectuate the Companyโs IPO misstated and/or omitted facts concerning the Companyโs then-existing exposure to Chinaโs ongoing campaign to establish a national standard for e-cigarettes, which would bring them into line with ordinary cigarette regulations, and that RLXโs 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 RLXโs financials and its regulatory exposure reached the market, the value of the Companyโs shares declined dramatically. By the commencement of the action, RLXโs 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 Companyโs 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 jzimmerman@scott-scott.com.
About Scott+Scott
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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Contacts
Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(888) 398-9312
jzimmerman@scott-scott.com
