Chinese Vape Co.'s IPO Hid Regulatory Risk, Says Class Suit

Law360 (June 10, 2021, 4:54 PM EDT) -- Chinese vape company RLX Technology Inc., its brass and its underwriters were hit with a proposed class action in Manhattan federal court, accusing the company of failing to disclose that regulatory restrictions on its products would soon tighten in China as it held an initial public offering in January.

In a Wednesday filing, RLX investor Alex Garnett claimed that when the company filed its IPO disclosures with the U.S. Securities and Exchange Commission, the filings did not acknowledge that Chinese authorities were in the process of crafting a set of rules for e-cigarettes that would make the products as regulated as...

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