SAN DIEGO, July 16, 2022 /PRNewswire/ — The law firm of Robbins Geller-Rudman & Dowd LLP announces that purchasers or acquirers of Missfresh Limited (NASDAQ: FM) values conforming and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Missfresh’s june 2021 initial public offering (the “IPO”) that suffered compensable damages have up to September 12, 2022 apply for appointment as lead plaintiff in the miss fresh collective lawsuit. the miss fresh class action lawsuit – subtitled Chen v. Missfresh LimitedNo. 22-cv-04065 (EDNY) – charges Missfresh, some of its top executives and directors, as well as IPO underwriters with violations of the Securities Act of 1933.
If you suffered substantial losses and wish to act as a lead plaintiff, please provide your information here:
ALLEGATIONS OF THE CASE: Missfresh aims to be an innovator and leader in from China neighborhood retail industry that invented the distributed mini-warehouse model to operate an integrated online and offline on-demand retail business that focuses on offering fresh produce and fast-moving consumer goods. Pursuant to its initial public offering, Missfresh sold approximately 21 million of its American Depositary Shares (“ADSs”) at a price of $13.00 by ADS.
the miss fresh the class action alleges that the IPO Registration Statement contained false and/or misleading statements and/or failed to disclose that: (i) Missfresh provided false financial figures in its Registration Statement; (ii) Missfresh would have to modify its financial figures; and (iii) Missfresh, among other things, had lower net income for the quarter ended March 31, 2021.
Sponsored Content: OurLifeStore.com is a veteran-owned e-commerce with over 40,000 items at great prices and always free shipping
In April 29, 2022 Missfresh filed with the US Securities and Exchange Commission (“SEC”) a Late Filing Notice on Form 12b-25 announcing that Missfresh would be unable to file its Annual Report on Form 20-F for the fiscal year finalized. December 31, 2021 within the prescribed filing deadline April 30, 2022 Given the ”
So in May 24, 2022Missfresh issued a Press release titled “Missfresh Announces Receipt of Nasdaq Notice of Late Filing of Form 20-F” which read “Nasdaq Listing Qualifications Department Stock Exchange Inc. (‘Nasdaq’), stating that [Missfresh] does not meet the requirements for continuous listing set forth in Nasdaq Listing Rule 5250(c)(1) as [Missfresh] did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2021.” Missfresh further disclosed that it was unable to file the 2021 Form 20-F by the prescribed deadline “primarily because [Missfresh] unable to complete the audit of the financial statements of [Missfresh] for the fiscal year ended December 31, 2021.” On this news, the price of Missfresh ADSs fell by more than 9% over the next two trading days.
Finally, in July 1, 2022Missfresh issued a Press release titled “Missfresh Announces Substantial Completion Of Audit Committee-Led Independent Internal Review,” which revealed that the review “identified certain transactions conducted by the Overnight BU in 2021 that exhibited questionable transaction characteristics, such as unrelated relationships disclosed between vendors and customers, different customers or vendors sharing the same contact information, and/or lack of supporting logistics information.” Missfresh thus concluded that “[a]As a result, certain revenue associated with these reporting periods in 2021 may have been incorrectly recorded in [Missfresh]the financial statements of “.
From July 6, 2022Missfresh ADSs closed at $0.3075which represents a decrease of 97% with respect to the IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 allows any purchaser of Missfresh securities pursuant to and/or traceable to the Registration Statement issued in connection with the IPO to seek designation as a lead plaintiff in the miss fresh collective lawsuit. A lead plaintiff is generally the plaintiff with the greatest financial interest in the relief sought by the putative class that is also typical and proper of the putative class. A lead plaintiff acts on behalf of all other class members by directing the miss fresh collective lawsuit. The lead plaintiff may select a law firm of her choice to litigate the miss fresh collective lawsuit. An investor’s ability to participate in any potential future recovery of the miss fresh the class action does not depend on acting as a lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class action lawsuits. The attorneys at Robbins Geller have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery in history: $7.2 billion – in In re Enron Corp. Sec. Litigation. The 2021 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering nearly $1.9 billion for investors last year, more than triple the amount recovered by any other securities plaintiff firm. Please visit the following page for more information:
Past results do not guarantee future results.
Services can be performed by attorneys at any of our offices.
Robbins Geller-Rudman & Dowd LLP
655 West Broadway, Suite 1900, San DiegoCA 92101
JC Sanchez, 800-449-4900
SOURCE Robbins Geller Rudman & Dowd LLP