MISSFRESH LIMITED (NASDAQ: MF) SHAREHOLDER CLASS ACTION
Have you lost money on investments in Missfresh Limited? If so, please see Missfresh Limited Shareholder Class Action Lawsuit or contact Pierre Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, July 19. 12, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, reminds investors of the deadline to file a motion as lead plaintiff in a class action lawsuit in securities which has been filed on behalf of investors who have purchased or otherwise acquired the securities of Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF) pursuant to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Missfresh’s June 2021 Initial Public Offering (the “IPO” or “Offer”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1933.
Missfresh claims to be an innovator and leader in China’s convenience retail industry, which invented the Distributed Mini Warehouse (DMW) model to operate an integrated online and offline on-demand retail business focused on the supply of fresh produce and fast-moving consumer goods (FMCG).
On or about June 8, 2021, Missfresh filed with the SEC a registration statement on Form F-1, which, together with a subsequent amendment on Form F-1/A and filed pursuant to Rule 424(b) (4), be used for IPO.
On June 23, 2021, Missfresh filed with the SEC its final prospectus for the IPO on Form 424B4 (the “Prospectus”), which forms part of the registration statement. During the IPO, Missfresh sold approximately 21 million American Depositary Shares (“ADS”) at $13.00 per ADS.
Plaintiff alleges that defendants’ statements in the registration statement were materially false and misleading when made because: (1) Missfresh provided false financial figures in its registration statement; (2) Missfresh should change its financial figures; (3) Missfresh, among others, recorded lower net revenues for the quarter ended March 31, 2021; and (4) as a result, the defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
On April 29, 2022, after hours, Missfresh filed with the SEC a late filing notice on Form 12b-25 which announced, among other things, that the independent audit committee of the company’s board of directors, with the help of professional advisers, “[wa]s in the process of carrying out an internal review of certain questions, in particular those relating to transactions between the Company and certain third-party companies. On this news, Missfresh ADSs fell 13% to close at $0.448 per ADS on May 2, 2021.
Then, on May 24, 2022, Missfresh revealed that the company was unable to file its 2021 annual report within the extended deadline, “primarily because the company is unable to complete the audit of the financial statements. of the company for the fiscal year ended December 31, 2021”. On this news, Missfresh’s ADSs fell $0.018 per share, or 9.7%, over the next two trading days, to close at $0.167 per ADS on May 26, 2022.
Finally, on July 1, 2022, Missfresh issued a press release titled “Missfresh Announces Substantial Completion of Independent Internal Review Conducted by Audit Committee” which revealed, among other things, that the company’s review “has identified certain transactions…that show characteristics of questionable transactions, such as undisclosed vendor-customer relationships, different customers or vendors sharing the same contact information, and/or lack of supporting logistical information” and that, therefore, “certain revenues associated with these reporting periods in 2021 may have been inaccurately recorded in the Company’s financial statements.”
Since the IPO, the price of Missfresh’s ADSs has fallen over 97%, closing at $0.3075 per ADS on July 6, 2022.
If you wish to act as the main plaintiff, you must apply to the court no later than September 12, 2022. A lead plaintiff is a representative party acting on behalf of the other class members to direct the litigation. Your ability to participate in any recovery does not require you to serve as the primary plaintiff. If you choose to do nothing, you can remain an absent member of the group.
If you have purchased or otherwise acquired MF securities, and/or wish to discuss your legal rights and options please visit Missfresh Limited Shareholder Class Action Lawsuit or contact Pierre Allocco at (212) 951-2030 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and bring lawsuits on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “plaintiffs list” thirteen times and listed in The Legal 500 for ten consecutive years.
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