NEW ORLEANS, Sept. 13, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until October 17, 2022 To file lead plaintiff motions in a securities class action lawsuit against MINISO Group Holding Limited MNSOif they purchased or acquired the Company’s securities pursuant to and/or traceable to the Company’s October 2020 initial public offering (the “IPO”). This lawsuit is pending in the United States District Court for the Central District of California.
get help
MINISO investors should visit us at https://claimsfiler.com/cases/nyse-mnso/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the lawsuit
MINISO and certain of its officers are accused of failing to disclose material information in its IPO registration statement in violation of federal securities laws.
On July 26, 2022, market researcher Blue Orca Capital reported a variety of issues affecting the China-based company, including that “there is overwhelming evidence that MINISO is misleading the market about its core business” and that “Chinese company records also indicate, in our view, that the chairman siphoned hundreds of millions from the public company through opaque Caribbean jurisdictions as an intermediary in a crooked deal with headquarters,” among others.
On the news, the price of MINISO’s American Depositary Shares fell $1.08, or 14.98%, to close at $6.13 on unusually high trading volume.
The case is Ashraf v MINISO Group Holding Limited, No. 22-cv-05815.
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