RLX Technology Inc.

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

China was working on a national standard for e-cigarettes that would bring them into line with regular cigarette regulations. Because the Registration Statement did not disclose the then-known existential threat that China’s ongoing push to regulate the industry posed, and the impact such regulation was already having, and certain to continue to have, on the Company’s business and prospects, Plaintiff and other ADS purchasers had no opportunity to adequately assess the value of the shares offered in connection with the IPO.