RADNOR, Pa.–(BUSINESS WIRE)–$PINS #classaction–The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Missfresh Limited (“Missfresh”) (NASDAQ: MF). The action charges Missfresh with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Missfresh’s materially misleading statements and omissions to the public, Missfresh investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: SEPTEMBER 12, 2022
CLASS PERIOD: PURSUANT AND/OR TRACEABLE TO MISSFRESH’S JUNE 2021 IPO THROUGH JULY 12, 2022
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CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at [email protected]
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
MISSFRESH’S ALLEGED MISCONDUCT
In June 2021, Missfresh conducted its initial public offering (IPO), selling 21 million American Depository Shares (“ADSs”) at $13.00 per ADS.
On April 29, 2022, after trading hours, Missfresh filed a Notification of Late Filing on a Form 12b-25, which announced that Missfresh “will not be able to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 … by the prescribed filing deadline of April 30, 2022.” Missfresh explained that “[t]he independent Audit Committee of [Missfresh]’s board of directors, with the assistance of professional advisors, is in the process of conducting an internal review of certain matters, including those relating to transactions between [Missfresh] and certain third-party enterprises.” Following this news, Missfresh ADSs fell 13% to close at $0.448 per ADS on May 2, 2021, the next trading day.
Then, on May 24, 2022, after trading hours, Missfresh issued a press release entitled “Missfresh Announces Receipt of Nasdaq Notification Regarding Late Filing of Form 20-F” announcing “that it received a notification letter dated May 19, 2022 . . . from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (“Nasdaq”), indicating that [Missfresh] is not in compliance with the requirements for continued listing.” Following this news, Missfresh ADSs fell 9% over the next two trading days to close at $0.167 per ADS on May 26, 2021.
Finally, on July 1, 2022, Missfresh issued a press release entitled “Missfresh Announces the Substantial Completion of the Audit Committee-Led Independent Internal Review.” In the press release, Missfresh disclosed that “certain revenue associated with these reporting periods in 2021 may have been inaccurately recorded in [Missfresh]’s financial statements.” As of the date the complaint was filed, Missfresh ADSs closed at $0.389 per ADS, well below Missfresh’s IPO price of $13.00 per ADS.
WHAT CAN I DO?
Missfresh investors may, no later than September 12, 2022 seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Missfresh investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Contacts
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]