Greenlane Holdings, Inc. (NASDAQ: GNLN) Investor Securities Class Action Lawsuit 09/11/2019

If you purchased shares of Greenlane Holdings, Inc. (NASDAQ: GNLN), you have certain options and for certain investors are short and strict deadlines running. Deadline: November 12, 2019. Greenlane Holdings, Inc. (NASDAQ: GNLN investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Greenlane Holdings
Case Name: 
Greenlane Holdings Shareholder Class Action Lawsuit 09/11/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: GNLN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/11/2019
Court of Filing: 
U.S. District Court for the Southern District of Florida
Deadline To File for Lead: 
11/12/2019
Summary: 

An investor in shares of Greenlane Holdings, Inc. (NASDAQ: GNLN) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by Greenlane Holdings, Inc. in connection with certain allegedly false and misleading statements made in connection with the Company’s April 2019 initial public offering (“IPO”).

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.

According to the complaint the plaintiff alleges on behalf of purchasers of Greenlane Holdings, Inc. (NASDAQ: GNLN) common shares, that the defendants violated Federal Securities Laws. More specifically, 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.