A lawsuit was filed on behalf of investors in Missfresh Limited (NASDAQ: MF) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/19/2022 -- An investor, who purchased shares of Missfresh Limited (NASDAQ: MF), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Missfresh Limited in connection with certain allegedly false and misleading statements made connection with Missfresh's June 2021 initial public offering (the "IPO").
Investors who purchased shares of Missfresh Limited (NASDAQ: MF) have certain options and for certain investors are short and strict deadlines running. Deadline: September 12, 2022. NASDAQ: MF investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
China based Missfresh Limited operates as an online-and-offline integrated on-demand retail company in China.
In June 2021, conducted its initial public offering ("IPO"). Missfresh Limited sold 21 million ADS at $13 per NASDAQ: MF share for a total offering size of approximately US$273 million.
On April 29, 2022, Missfresh Limited announced that it could not timely file its fiscal 2021 annual report because it was conducting "an internal review of certain matters, including those relating to transactions between the Company and certain third-party enterprises."
Then, on July 1, 2022, Missfresh Limited announced that, based on substantial completion of the internal review, certain revenue reported during fiscal 2021 "may have been inaccurately recorded." Specifically, the review identified "questionable transactions" carried out by the Next-Day Delivery Business Unit in 2021, including "undisclosed relationships between suppliers and customers, different customers or suppliers sharing the same contact information, and/or lack of supporting logistics information."
Shares of Missfresh Limited (NASDAQ: MF) declined to as low as $0.086 per share on August 1, 2022.
The plaintiff claims that the Registration Statement featured false and/or misleading statements and/or failed to disclose that Missfresh Limited provided false financial figures in its Registration Statement, that Missfresh Limited would need to amend its financial figures, that Missfresh Limited, among other things, had lesser net revenues for the quarter ended March 31, 2021, and that as a result, defendants' public statements were materially false and misleading at all relevant times and negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of Missfresh Limited (NASDAQ: MF) have certain options and should contact the Shareholders Foundation.
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