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Press release content from Business Wire. The AP news staff was not involved in its creation.

SHAREHOLDER ALERT: Robbins LLP Announces that RLX Technology Inc. (RLX) is Being Sued for Misleading Shareholders

June 11, 2021 GMT

SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Jun 11, 2021--

Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all purchasers of RLX Technology Inc. (NYSE: RLX) American Depository Shares (“ADS”) pursuant or traceable to its January 2021 initial public offering (“IPO”). The complaint asserts claims under the Securities Act of 1933. RLX purports to be the “No. 1 branded e-vapor company in China.”

If you suffered a loss due to RLX Technology Inc.’s misconduct, click here.

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RLX Technology Inc. (RLX) Made Misstatements Regarding Its Business Prospects

According to the complaint, the Registration Statement contained untrue statements of material fact. Specifically, the Registration Statement omitted RLX’s exposure to China’s then-existing campaign to establish a national standard for e-cigarettes that would bring them in line with regular cigarette regulations by expressly distancing itself and its products from falling under the administration of China’s tobacco monopoly system. The Registration Statement also touted that it expected “to continue to be, benefitting from the rapid growth of China’s e-vapor market,” while overstating its financial prospects in light of the pending regulations for e-cigarettes.

RLX’s shares fell nearly 48% on March 22, 2021, when the Ministry of Industry and Information Technology posted its draft regulations, which confirmed e-cigarettes and new tobacco products would be regulated similar to traditional tobacco offerings. RLX’s shares fell again when it published its first quarter 2021 financial results on June 2, 2021, closing at $9.90 per ADS, down 9% from the prior day.

If you purchased shares of RLX Technology Inc. (RLX) pursuant to its January 2021 IPO, you have until August 9, 2021, to ask the court to appoint you lead plaintiff for the class.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

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Contact us to learn more:
Lauren Levi
(800) 350-6003
llevi@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against RLX Technology Inc. settles or to receive free alerts about companies engaged in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210611005459/en/

CONTACT: Lauren Levi

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

llevi@robbinsllp.com

(800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2021.

PUB: 06/11/2021 03:06 PM/DISC: 06/11/2021 03:06 PM

http://www.businesswire.com/news/home/20210611005459/en