RTTNews | Jun 23, 2021 12:51PM EDT

12:51 Wednesday, June 23, 2021 (RTTNews.com) - Beijing-based e-tobacco manufacturers, RLX Technology Inc. (RLX), are up 4% despite the company coming under fire by multiple law firms. The allegations against the company include exposure to the government's campaign to bring e-tobacco in line with standardized tobacco rules and also a false projection of financials during their initial public offering on January 22, 2021.

According to the firms, the financial situation, projected by the company during its IPO was misleading and therefore the price of shares was also inflated. As a result, the investors have suffered losses.

The share is currently trading at $8.75 up $0.33 or 3.92% from $8.42 on Tuesday. The shares opened at $8.69 in the morning. In the 52-week period, the shares have ranged between $7.89 and $35.00.

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