NEW YORK, July 17, 2022 (WORLD NEWS CABLE) — Pomerantz LLP is investigating claims on behalf of investors of Missfresh Limited (“Missfresh” or the “Company”) FM. Such investors are advised to contact Robert S. Willoughby at new action[email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Missfresh and any of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On or about June 25, 2021, Missfresh held its first offering (“IPO”), selling approximately 21 million United States Depository Shares (“ADSs”) at a price of $13.00 per share.
On April 29, 2022, Missfresh filed with the US Securities and Exchange Commission a late filing notice on form 12b-25 announcing that Missfresh would not be able to timely file its annual report on form 20-F. for 2021, due to a continuous “internal revision of certain matters, including those related to transactions between the Company and certain third-party companies.” On this news, Missfresh ADSs fell $0.068 per ADS, or 13.2%, to close at $0.448 per ADS.
Then, on May 24, 2022, Missfresh revealed that the Company was unable to file its 2021 Annual Report before the extended deadline, “primarily because the Company is unable to complete the audit of the Company’s financial statements for the fiscal year to come. it ended on December 31, 2021.” On this news, Missfresh ADSs fell $0.018 per share, or 9.7%, over the next two trading days, to close at $0.167 per ADS on May 26, 2022.
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Finally, on July 1, 2022, Missfresh issued a Press release entitled “Missfresh Announces Substantial Completion of Independent Internal Audit Led by Audit Committee Check” which revealed, among other things, that the Company’s review “identified certain transactions . . . that exhibit questionable transaction characteristics, such as undisclosed vendor-customer relationships, different customers or vendors sharing the same contact information, and/or a lack of supporting logistics information” and that, accordingly, “certain revenue associated with those periods reporting in 2021 may have been incorrectly recorded in the Company’s financial statements.”
The Pomerantz Law Firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of antitrust, securities and corporate class action litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm was a pioneer in the field of securities class action. Today, more than 80 years later, the Pomerantz Firm continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The Firm has recovered numerous multi-million dollar damage awards on behalf of class members. Watch www.pomerantzlaw.com
Robert S Willoughby
888-476-6529 extension 7980