DENVER, CO / ACCESSWIRE / October 8, 2019 / Franklin D. Azar & Associates, P.C. announces that it is investigating a lawsuit filed against Greenlane Holdings, Inc. ("Greenlane") on behalf of Greenlane shareholders (NYSE:GNLN) alleging that Greenlane and certain of its officers violated the federal securities laws. Greenlane investors who have purchased at least 30,000 shares of Greenlane Common Stock are encouraged to contact the Azar Law Firm at [email protected] or call 844-241-9475 to learn more about the case.
Interested Greenlane shareholders have until November 12, 2019 to apply to be lead plaintiff. The class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The lawsuit alleges that Greenlane's Initial Public Offering Registration Statement was false and/or misleading 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.
On April 17, 2019, Greenlane conducted its IPO in which 6.45 million common shares at $17.00 per share were sold. 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.
When this news broke, 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 have traded as low as $5.39, nearly a 68% decline from the $17 per share IPO price.
If you have purchased at least 30,000 shares of Greenlane Common Stock, you may have a claim for damages, and you may be eligible to seek a position in the case as a lead plaintiff. Please contact the Azar Law Firm's shareholder rights team at [email protected] or call 844-241-9475.
The Azar Law Firm's securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE: Franklin D. Azar and Associates P.C.