Lawsuit filed for Investors in shares of Greenlane Holdings, Inc. (NASDAQ: GNLN)

An investor, who purchased shares of Greenlane Holdings, Inc. (NASDAQ: GNLN), filed a lawsuit over alleged Securities Laws violations by Greenlane Holdings, Inc. in connection with the Company’s April 2019 initial public offering (“IPO”).

Investors who purchased shares of Greenlane Holdings, Inc. (NASDAQ: GNLN) have certain options and for certain investors are short and strict deadlines running. Deadline: November 12, 2019. NASDAQ: GNLN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Boca Raton, FL based Greenlane Holdings, Inc. distribute consumption accessories and vaporization products to wholesale and retail customers in the United States and Canada. Greenlane Holdings, Inc. (NASDAQ: GNLN) reported that its annual Total Revenue rose from $88.25 million in 2017 to $178.93 million in 2018 and that its Net Income of $2.29 million in 2017 turned to Net Loss of $5.88 million in 2018. On April 23, 2019, Greenlane held its initial public offering (“IPO”), offering shares at $17.00.

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.
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 plaintiff claims that the 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.

Those who purchased shares of Greenlane Holdings, Inc. (NASDAQ: GNLN) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.