SAN FRANCISCO, CA / ACCESSWIRE / October 3, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP urges investors who traded or otherwise acquired the American Depository Shares ("ADSs") of MINISO Group Holding Limited ("MINISO" or the "Company") (NYSE:MNSO) issued in connection with MINISO's Initial Public Offering ("IPO") to contact our law offices immediately regarding the pending securities class action lawsuit against MINISO. The cutoff to apply to be a lead plaintiff is October 17, 2022.
Class Period: Investors in MINISO's October 2020 IPO
Lead Plaintiff Motion Deadline: October 17, 2022
For more information: https://www.lieffcabraser.com/securities/MINISO
Contact Lieff Cabraser: Email [email protected], or call or text 1-800-541-7358
Background on the MINISO Securities Class Litigation
MINISO, headquartered in Guangzhou, China, is a retailer that serves consumers globally through its large network of stores. On October 15, 2020, MINISO conducted its IPO, issuing approximately 30,400,000 ADS at $20.00 per share.
The action alleges that MINISO misrepresented and failed to disclose in its IPO registration statement material adverse information about MINISO's business, operations, and prospects. On July 26, 2022, Blue Orca Capital published a report claiming that contrary to MINISO's statements that 99% of its stores in China are operated by independent franchisees, (1) defendants and other undisclosed related parties owned and controlled many more MINISO stores than previously stated; (2) as a result, the Company concealed its true costs; (3) MINISO did not represent its true business model; (4) defendants, including the Company and its Chairman, engaged in planned unusual transactions, at least one of which put MINISO at risk of breaching contracts with Chinese authorities; and (5) MINISO lowered its franchise fees by 63% in the previous two years to attract franchisees. On this news, MINISO's ADS price fell $1.08 per ADS, or 14.9%, to close at $6.13 on July 26, 2022, well below its IPO price of $20.00, on unusually heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $124 billion in verdicts and settlements. Lieff Cabraser is committed to ensuring access to justice for all.
SOURCE: Lieff Cabraser Heimann & Bernstein