BALA CYNWYD, PA / ACCESSWIRE / September 14, 2019 / Law office of Brodsky & Smith, LLC is investigating claims against Greenlane Holdings, Inc. (“Greenlane”) (GNLN) for possible breaches of Federal Securities law.
In April 2019, Greenlane held its initial public offering (“IPO”) in which it sold more than 6 million common shares at $17.00 per share. Shortly thereafter, on June 18, 2019, the San Francisco Board of Supervisors unanimously approved the ban on the sale and distribution of e-cigarette products within the city. It also endorsed a ban on the manufacturing of e-cigarette products on city property.
On the release of this news, Greenlane’s share price fell $2.27, or over 17%, closing at $11 per share on June 19, 2019. Since the April 2019 IPO, shares of Greenlane have traded as low as $5.39, a nearly 68% decline from the $17 per share IPO price.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the City of San Francisco had introduced a major initiative to ban the sale of e-cigarette products across three major cities and prohibit the manufacture of products at the headquarters of Greenlane’s key partner, JUUL Labs; (2) if approved, the initiative would materially and adversely impact the Company’s financial results and prospects; and (3) as a result of the foregoing, defendants’ positive statements about Greenlane’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damage.
If you purchased shares of Greenlane pursuant or traceable to Greenlane’s April 2019 IPO and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is November 12, 2019. You may contact Marc Ackerman, Esquire or Jordan Schatz, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or by calling toll free 877-534-2590. For additional information, go to http://www.brodskysmith.com/cases/greenlane-holdings-inc-gnln/.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC
View source version on accesswire.com: