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IMPORTANT GREENLANE HOLDINGS, INC. INVESTOR REMINDER: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District for the Southern District of Florida against Greenlane Holdings, Inc.

UPCOMING LEAD PLAINTIFF DEADLINE IS NOVEMBER 12, 2019

NEW YORK, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds all investors that a federal securities 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) (“Greenlane”) securities between April 15, 2019 and September 11, 2019 (“the “Class Period”), inclusive.

Investors who purchased Greenlane Holdings, Inc. shares are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Greenlane Holdings, Inc., you may, no later than November 12, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Greenlane Holdings, Inc.

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The filed complaint alleges that the Initial Public Offering (“IPO”) registration statement was materially false and misleading and omitted to state:

  • 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;
     
  • that, if approved, the initiative would materially and adversely impact the company's financial results and prospects; and
     
  • that, as a result of the foregoing, defendants' positive statements about the company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
     

On April 17, 2019, Greenlane conducted its IPO in which 6.45 million common shares at $17.00 per share were sold. 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 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 $3.12 nearly a 82% decline from the $17 per share IPO price.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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