New York, New York--(Newsfile Corp. - October 14, 2022) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, reminds investors that a securities class action lawsuit has been filed against MINISO Group Holding Ltd. (NYSE: MNSO) ("MINISO" or the "Company"), certain of its officers and directors, and the underwriters of MINISO's October 2020 initial public offering ("IPO"), alleging violations of the Securities Act of 1933.
CLICK HERE FOR MORE INFORMATION ABOUT JOINING THIS CLASS ACTION
MINISO purports to be a fast-growing global value retailer which serves consumers primarily through its large network of MINISO stores.
On October 15, 2020, MINISO sold approximately 30,400,000 American Depositary Shares ("ADSs") at a price of $20 per share, generating proceeds of over $600 million.
According to the complaint filed in the Central District of California, statements made in the registration statement and prospectus used to effectuate the Company's IPO were materially false and misleading because they failed to disclose that defendants and other undisclosed related parties owned and controlled a much larger amount of MINISO stores than previously stated. As a result, MINISO's business model differed from what was disclosed, and its true costs were unknown. Moreover, MINISO was at risk of breaching contracts with authorities of the People's Republic of China, among other things.
According to the complaint, when the truth about these issues reached the market the price of MINISO's ADSs precipitously declined. For example, after market analyst Blue Orca Capital published a report on July 26, 2022, MINISO ADSs fell $1.08, or 14%, to close at $6.13 on unusually heavy trading volume. The following day, MINISO's ADSs closed at $5.66 per ADS, representing more than a 70% decline from the $20.00 IPO price.
What You Can Do - CLICK HERE
If you purchased MINISO ADSs pursuant and/or traceable to the offering documents used to effectuate the IPO, or otherwise acquired MINISO shares, and have suffered a loss, realized or unrealized, and you wish to discuss this action, please contact attorney Jonathan Zimmerman at (888) 398-9312 or at jzimmerman@scott-scott.com. The lead plaintiff deadline is October 17, 2022.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
Attorney Advertising
CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
(888) 398-9312
jzimmerman@scott-scott.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140555
