On or around 03/20/2020 (Date of last review)
Filing Date: September 11, 2019
According to the Complaint, Greenlane 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.
Company & Securities Information
Defendant: Greenlane Holdings, Inc.
Sector: Consumer Non-Cyclical
Headquarters: United States
Ticker Symbol: GNLN
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
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In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Chris Hammond, et al. v. Greenlane Holdings, Inc., et al.