ACCESSWIRE
30 Sep 2022, 01:49 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / September 29, 2022 / Hagens Berman urges MINISO Group Holdings Limited (NYSE:MNSO) investors who suffered significant losses to submit your losses now. A securities class action related to MINISO's Oct. 15, 2020, initial public offering of approximately 30.4 million American Depositary Shares at $20/share has been filed.
Relevant Period: Oct. 15, 2020 - July 26, 2021
Lead Plaintiff Deadline: Oct. 17, 2022
Visit: www.hbsslaw.com/investor-fraud/MNSO
Contact An Attorney Now: MNSO@hbsslaw.com
844-916-0895
MINISO Group Holdings Limited (NYSE:MNSO) Securities Class Action:
The litigation focuses on MINISO's repeated claims, enabling it to complete its IPO, that its business model was a high margin, asset-light network of thousands of independent franchise stores who shoulder capital expenditures and operating expenses, and on its claims it would use IPO net proceeds to expand its business 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 stores than previously stated; (2) as a result, MINISO concealed its true costs; (3) MINISO mischaracterized its true business model; (4) MINISO and its Chairman engaged in planned unusual and unclear transactions; (5) as the result of at least one of these transactions, MINISO risks breaching contracts with Chinese authorities; and, (6) MINISO would imminently and drastically drop its franchise fees.
On July 26, 2022, analyst Blue Orca Capital published a scathing report concluding in part that MINISO owns and operates about 40% of MINISO stores. Hundreds of stores are registered to company executives or persons connected to its Chairman and, 'MINISO's chairman, Ye Guofu, bilked hundreds of millions of freshly raised capital from public investors through a series of crooked transactions revolving around the purchase and construction of a massive headquarters in China.'
As of the date of the filing of the action, MINISO's ADSs trade almost 70% below the IPO price.
'We're focused on investors' losses and proving MINISO misrepresented its asset-light business model and how it would use of its IPO proceeds,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in MINISO and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding MINISO should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email MNSO@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
CONTACT:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Dallas Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dallas Sun.
More InformationLONG BEACH, California: Long Beach, California-based Rocket Lab has launched its first mission from the United States, as part of ...
Israel was behind Sunday morning's drone strike on an Iranian munitions facility; the Wall Street Journal has reported, citing American ...
LONDON, England: Of the 14 main battle tanks and additional artillery support it will send to Ukraine, Britain hopes its ...
LONDON, England: Insurance broker Aon has estimated that natural disasters caused global economic losses worth $313 billion in 2022.It added ...
NEW YORK CITY, New York: After being convicted of stealing more than $900,000 from the company, Rosita Joseph, former executive ...
WASHINGTON D.C.: The US State Department has said that in the latest fiscal year, US military equipment exported to foreign ...
NEW YORK, New York - U.S. stocks closed sharply lower Monday as investors fretted over which way the Federal Reserve ...
Ahmedabad (Gujarat) [India], January 30 (ANI/Big News Network): The Adani group, in a sharp and focused response to Hindenburg Research's ...
SEOUL, South Korea: South Korean officials have said that the government will double energy vouchers and provide discounts on gas ...
WASHINGTON D.C.: The Wall Street Journal has reported that e-cigarette maker Juul and three tobacco giants are negotiating potential sale, ...
AUSTIN, Texas: Tesla gas announced an investment of more than $3.6 billion to expand its Nevada Gigafactory complex with the ...
WASHINGTON D.C.: US Senate Energy and Natural Resources Committee chair Joe Manchin has introduced legislation that imposes battery sourcing requirements ...