LOS ANGELES–(BUSINESS WIRE)–$GNLN #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of Florida, captioned Hammond v. Greenlane Holdings, Inc. et al., (Case No. 19-cv-81259), on behalf of persons and entities that purchased or otherwise acquired Greenlane Holdings, Inc. (NASDAQ: GNLN) (“Greenlane” or the “Company”) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s April 2019 initial public offering (“IPO” or the “Offering”). Plaintiff pursues claims under Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”).
Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
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In April 2019, the Company 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 in this class action alleges that the 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, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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If you purchased Greenlane common stock pursuant and/or traceable to Registration Statement, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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