INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of MINISO Group Holding Limited (MNSO) Investors
MINISO investors have until October 17, 2022 to file a lead plaintiff motion.
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased MINISO Group Holding Limited (“MINISO” or the “Company”) (NYSE: MNSO) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s October 2020 initial public offering (the “IPO” or “Offering”). MINISO investors have until October 17, 2022 to file a lead plaintiff motion.
Investors suffering losses on their MINISO investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On October 15, 2020, MINISO conducted its IPO, issuing approximately 30.4 million American Depositary Shares (“ADSs”) at $20.00 per ADS.
On July 26, 2022, Blue Orca Capital published a report alleging, among other things, that MINISO “lies about its core business model” by claiming that 99% of its stores in China are operated by independent franchises. However, an investigation shows that over 620 supposedly independent franchises are registered under the names of MINISO executives or individuals “closely connected” to the Company’s chairman.
On this news, MINISO’s ADS price fell $1.08, or 15%, to close at $6.13 per ADS on July 26, 2022, thereby injuring investors.
The complaint filed in this class action alleges that 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 failed to disclose to investors that: (1) Defendants and other undisclosed related parties owned and controlled a much larger amount of MINISO stores than previously stated; (2) as a result, MINISO concealed its true costs; (3) the Company did not represent its true business model; (4) Defendants, including the Company and its Chairman, engaged in planned unusual and unclear transactions; (5) as a result of at least one of these transactions, the Company is at risk of breaching contracts with PRC authorities; (6) the Company would imminently and drastically drop its franchise fees; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased MINISO securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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