According to the Complaint, Greenlane Holdings, Inc. distributes e-cigarettes, vaporizers, and accessories through its subsidiaries. The Company also distributes premium products containing hemp-derived CBD.

In April 2019, Greenlane held its initial public offering (“IPO”) in which it sold more than 6 million common shares at $17.00 per share.

The Complaint 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.

On January 14, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on March 6. Defendants filed a Motion to Dismiss the amended Complaint on March 20. On January 6, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. On February 5, Lead Plaintiffs filed a notice appealing the Court's Dismissal Order. Lead Plaintiffs voluntarily dismissed the appeal on March 18.