PHILADELPHIA CREAM, August 31, 2022 /PRNewswire/ — Shepherd Montague is investigating allegations of securities fraud on behalf of investors who purchased MINISO Group Holding Limited (“MINISO” or the “Company”) (NYSE: MNSO) securities between October 12, 2020 and August 17, 2022 (the “Class Period”).
Shepherd Montague investigating allegations of securities fraud against MINISO Group Holding Limited.
If you purchased MINISO securities during the Class Period, would like to discuss At Berger Montague investigation, or if you have any questions regarding your rights or interests, please contact the lawyers Andre Abramowitz at [email protected] or (215) 875-3015, or Michael Dell‘Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/miniso-group-holding-limited/
Whistleblowers: Anyone with non-public information regarding MINISO is encouraged to help confidentially. At Berger Montague survey or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed lawsuit, the July 26, 2022market researcher Blue Orca Capital released a report that raised several fundamental issues with MINISO, including that “unlike [MINISO]many MINISO stores are secretly owned by [MINISO] officers or insiders closely related to the President” and “[u]Ultimately, we believe there is overwhelming evidence that MINISO is misleading the market about its core business.” As Blue Orca explained, “[o]Our suspicion is that MINISO realized early in the pre-IPO process that a brick-and-mortar retailer would be far less attractive to investors than an asset-light franchise business, so we believe that [MINISO] just lied about these stores.”
Blue Orca added that “Documents filed by the Chinese companies also indicate, in our view, that the President misappropriated hundreds of millions from the public company through opaque Caribbean jurisdictions as an intermediary in a crooked headquarters agreement.” Blue Orca further concluded that “[i]Independent evidence, including archived disclosures on MINISO’s Chinese website, reports in Chinese media and interviews with former employees, indicates that MINISO is a brand in grave peril,” noting that “MINISO has reduced its franchise fees by 63% over the past two years in a desperate effort to attract franchisees.” At this news, MINISO’s ADS price fell nearly 15%.
From July 27, 2022ADS MINISO closed at $5.66 per ADS, i.e. a decrease of more than 70% compared to the $20.00 IPO price.
Shepherd Montaguewith offices at philadelphia cream, Minneapolis, washington d.c.and San Diegohas been a pioneer in securities class actions since its founding in 1970. Shepherd Montague has represented individual and institutional investors for over five decades and acts as lead counsel before courts across United States.
Andre Abramowitzsenior counsel
Michael Dell‘Angelo, executive shareholder
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