NEW YORK, Aug. 01, 2021 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against RLX Technology Inc. (“RLX” or the “Company”) (NYSE:RLX) and reminds investors of the August 9, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $50,000 investing in RLX American Depository Shares (“ADS”) pursuant and/or traceable to RLX’s January 2021 IPO registration statement and related prospectus (the “IPO” or the “Offering”) and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/RLX.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by misstating and omitting facts in its offering documents related to its exposure to the Chinese government's campaign to create a national standard for e-cigarettes that would bring them in line with traditional tobacco products such as cigarettes. Further, the Company's financials were not as strong as the offering documents projected and were not indicative of future performance.

Specifically, when draft regulations were posted by the Ministry of Industry and Information Technology, before the market opened on or about March 22, 2021, a mere eight weeks after RLX’s IPO, which confirmed e-cigarettes and new tobacco products would be regulated similar to traditional tobacco offerings, the price of RLX’s shares suffered an enormous decline. 

Indeed, on March 22, 2021, RLX’s ADS closed at $10.15 per ADS, down nearly 48% from its previous close of $19.46 per ADS on March 19, 2021, the previous trading day.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.  

Faruqi & Faruqi, LLP also encourages anyone with information regarding RLX’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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