LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of RLX Technology Inc. (“RLX” or the “Company”) (NYSE: RLX) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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RLX purports to be the “No. 1 branded e-vapor company in China,” which the Company claims is its “largest potential market.”
In January 2021, RLX conducted its initial public offering (the “IPO”), selling approximately 116.5 million American Depositary Shares (“ADSs” or “shares”) at $12 per ADS, raising approximately $1.4 billion in gross proceeds.
On March 22, 2021, China’s Ministry of Industry and Information Technology posted draft regulations confirming that e-cigarettes and new tobacco products would be regulated similar to traditional tobacco offerings.
On this news, RLX’s share price…