RADNOR, Pa., Sept. 03, 2022 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against MINISO Group Holding Limited (“MINISO ”) (NYSE: MNSO). The action charges MINISO 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 MINISO’s materially misleading statements and omissions to the public, MINISO investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR MINISO LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://ktmc.com/new-cases/miniso-group-holding-limited?utm_source=PR&utm_medium=link&utm_campaign=miniso&mktm=r
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LEAD PLAINTIFF DEADLINE: OCTOBER 17, 2022
CLASS PERIOD: OCTOBER 15, 2020 THROUGH AUGUST 17, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via 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.
MINISO’S ALLEGED MISCONDUCT
Headquartered in the People’s Republic of China, 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 conducted its IPO, issuing approximately 30.4 million American Depositary Shares (ADSs) to the investing public at $20.00 per ADS.
On July 26, 2022, market researcher Blue Orca Capital published a report on MINISO which alleged several alarming issues with MINISO, including that: 1) many MINISO stores are secretly owned by MINISO executives or insiders closely connected to the chairman; 2) MINISO misleads the market about its core business; and 3) based on Blue Orca’s analysis, MINISO’s Chinese corporate filings indicate that the chairman siphoned hundreds of millions from the public company through opaque Caribbean jurisdictions as the middleman in a crooked headquarters deal.
As of July 27, 2022, MINISO ADSs closed at $5.66 per ADS, representing more than a 70% decline from the $20.00 IPO price.
WHAT CAN I DO?
MINISO investors may, no later than October 17, 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 MINISO 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.
A video accompanying this press release is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/526c607c-c952-4bfd-8545-e02d334a9ade
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]
