PHILADELPHIA--(BUSINESS WIRE)--Kaskela Law LLC is investigating Greenlane Holdings, Inc. (“Greenlane” or the “Company”) (NASDAQ: GNLN) on behalf of investors.
Greenlane distributes e-cigarettes, vaporizers, and accessories through its subsidiaries. On or about April 17, 2019, Greenlane completed its initial public offering (“IPO”) of common stock, selling 6 million shares of stock to investors at $17.00 per share.
Approximately two months later, on June 18, 2019, the San Francisco Board of Supervisors unanimously approved legislation to suspend the sale and distribution of e-cigarette products within the city. As reported by the San Francisco Chronicle, the legislation “would halt the sale of e-cigarettes in San Francisco’s brick-and-mortar stores and bar the delivery of e-cigarettes bought online to San Francisco addresses until the U.S. Food and Drug Administration reviews the safety of the products, which it has not yet done.”
Following this news, shares of the Company’s stock fell over 17% in value, to close on June 19, 2019 at $11.00 per share, on heavy trading volume.
Kaskela Law LLC is investigating whether Greenlane and/or the Company’s officers and directors violated the securities laws in connection with Greenlane’s IPO, and whether investors have been harmed as a result of such actions and/or misstatements.
Greenlane investors who purchased shares of the Company’s stock between April 17, 2019 and June 18, 2019 are encouraged to contact Kaskela Law LLC at (888) 715–1740, or online at http://kaskelalaw.com/case/greenlane-holdings/, for additional information about this action and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud and shareholder rights litigation in state and federal actions. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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