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BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming October 17, 2022 deadline to file a lead plaintiff motion in the case 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").
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 howardsmith@howardsmithlaw.com.
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.
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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 or otherwise acquired MINISO securities pursuant and/or traceable to the IPO, you may move the Court no later than October 17, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
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 howardsmith@howardsmithlaw.com.
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.
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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 or otherwise acquired MINISO securities pursuant and/or traceable to the IPO, you may move the Court no later than October 17, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
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