NEW YORK, Nov. 6, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all investors that purchased Greenlane Holdings, Inc. (GNLN) securities pursuant and/or traceable to the registration statement and prospectus issues in connection with the Company's April 2019 initial public offering ("IPO"). Investors have until November 12, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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In April 2019, the Greenlane held its initial public offering ("IPO") in which it sold more than 6 million common shares at $17.00 per share. 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 this news, the Company's share price fell $2.27, or over 17%, to close at $11 per share on June 19, 2019, on unusually heavy trading volume. Since the IPO, shares of Greenlane has traded as low as $5.39, a nearly 68% decline from the $17 per share IPO price.
The complaint, filed September 11, 2019, alleges that the IPO registration statement was materially false and misleading and omitted to state: (1) that 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) that, if approved, the initiative would materially and adversely impact the Company's financial results and prospects; and (3) that, as a result of the foregoing, defendant'' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased Greenlane securities pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's IPO, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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