SAN FRANCISCO, Aug. 17, 2022 (GLOBE NEWSWIRE) — Hagens Berman is pushing MINISO Group Holdings Limited (NYSE:MNSO) Investors who have suffered significant losses can now file their losses. A securities class action has been filed in connection with MINISO’s IPO on October 15, 2020 of approximately 30.4 million American Depositary Shares at $20/share.
Relevant period: Oct 15, 2020 – Jul 26, 2021
Deadline for lead plaintiff: October 17, 2022
Visit: www.hbsslaw.com/investor-fraud/MNSO
Contact a lawyer now: [email protected]
844-916-0895
MINISO Group Holdings Limited (NYSE: MNSO) Securities Class Action:
The litigation focuses on MINISO’s repeated claims, which enabled it to complete its IPO, that its business model was a high-margin, asset-poor network of thousands of independent franchised stores that borne capital and operating expenses, and its claims that it would use an IPO net proceeds to expand operations.
The Complaint alleges that the IPO offering documents misleadingly stated or failed to disclose: (1) MINISO and undisclosed related parties owned and controlled many more MINISO businesses than previously disclosed; (2) as a result, MINISO concealed its true costs; (3) MINISO misrepresented its true business model; (4) MINISO and its Chairman were involved in planned unusual and unclear transactions; (5) As a result of at least one of these transactions, MINISO risks breaching contracts with Chinese authorities; and (6) MINISO would immediately and drastically reduce its franchise fees.
On July 26, 2022, analyst Blue Orca Capital released a damning report that partially concluded that MINISO owns and operates approximately 40% of MINISO stores. Hundreds of deals are registered with company executives or people associated with its chairman, and “MINISO’s chairman, Ye Guofu, has hundreds of millions fresh through a series of crooked transactions revolving around the purchase and construction of a huge headquarters raised capital from public investors extorted in China.”
At the time the lawsuit was filed, MINISO’s ADSs are trading almost 70% below the IPO price.
“We are focused on investor losses and evidence that MINISO misrepresented its asset-light business model and use of its IPO proceeds,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.
If you have invested in MINISO and are experiencing significant losses or have knowledge that could assist the firm’s investigations, click here to discuss your legal rights with Hagens Berman.
Whistleblower: Those with nonpublic information about MINISO should consider their options to assist in the investigation or use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30 percent of each successful recovery by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights litigation firm focused on corporate accountability through class actions. The Firm has a robust securities disputes practice, representing investors as well as whistleblowers, employees, consumers and others in cases seeking real results for those harmed by corporate negligence and fraud. To learn more about the firm and its accomplishments, visit hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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