Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of MINISO Group Holding Limited (NYSE: MNSO), if they purchased or acquired the Company’s securities pursuant and/or traceable to the Company’s October 2020 initial public offering (the “IPO”).
MINISO and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
On July 26, 2022, market researcher Blue Orca Capital reported on a myriad of issues involving the China-based company, including that “there is overwhelming evidence that MINISO misleads the market about its core business” and that “Chinese corporate filings also indicate, in our view, that the chairman siphoned hundreds of millions from the public company through opaque Caribbean jurisdictions as the middleman in a crooked headquarters deal,” among other things.
On this news, the price of MINISO’s American Depositary Shares fell $1.08, or 14.98%, to close at $6.13, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 17, 2022 to request that the court appoint them lead plaintiff.