RADNOR, Pa., Sept. 09, 2022 (GLOBE NEWSWIRE) — The regulation agency of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs buyers {that a} securities class motion lawsuit has been filed within the United States District Court for the Eastern District of New York towards Missfresh Limited (“Missfresh”) (NASDAQ: MF). The motion expenses Missfresh with violations of the federal securities legal guidelines, together with omissions and fraudulent misrepresentations referring to the corporate’s business, operations, and prospects. As a results of Missfresh’s materially deceptive statements and omissions to the general public, Missfresh buyers have suffered important losses.
CLICK HERE TO SUBMIT YOUR MISSFRESH LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/missfresh-limited?utm_source=PR&utm_medium=link&utm_campaign=missfreshx&mktm=r
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LEAD PLAINTIFF DEADLINE: SEPTEMBER 12, 2022
CLASS PERIOD: PURSUANT AND/OR TRACEABLE TO MISSFRESH’S JUNE 2021 IPO THROUGH JULY 12, 2022
CONTACT AN ATTORNEY: (484) 270-1453 or at [email protected]
Kessler Topaz is likely one of the world’s foremost advocates in defending the general public towards company fraud and different wrongdoing. Our securities fraud litigators are usually acknowledged as leaders within the subject individually and our agency is each feared and revered among the many protection bar and the insurance bar. We are proud to have recovered billions of {dollars} for our purchasers and the lessons of shareholders we symbolize.
MISSFRESH’S ALLEGED MISCONDUCT
In June 2021, Missfresh carried out its preliminary public providing (IPO), promoting 21 million American Depository Shares (“ADSs”) at $13.00 per ADS.
On April 29, 2022, after buying and selling hours, Missfresh filed a Notification of Late Filing on a Form 12b-25, which introduced that Missfresh “will not be able to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 … by the prescribed filing deadline of April 30, 2022.” Missfresh defined that “[t]he independent Audit Committee of [Missfresh]’s board of directors, with the assistance of professional advisors, is in the process of conducting an internal review of certain matters, including those relating to transactions between [Missfresh] and certain third-party enterprises.” Following this information, Missfresh ADSs fell 13% to shut at $0.448 per ADS on May 2, 2022, the subsequent buying and selling day.
Then, on May 24, 2022, after buying and selling hours, Missfresh issued a press launch entitled “Missfresh Announces Receipt of Nasdaq Notification Regarding Late Filing of Form 20-F” saying “that it received a notification letter dated May 19, 2022 . . . from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (“Nasdaq”), indicating that [Missfresh] just isn’t in compliance with the necessities for continued itemizing.” Following this information, Missfresh ADSs fell 9% over the subsequent two buying and selling days to shut at $0.167 per ADS on May 26, 2022.
Finally, on July 1, 2022, Missfresh issued a press launch entitled “Missfresh Announces the Substantial Completion of the Audit Committee-Led Independent Internal Review.” In the press launch, Missfresh disclosed that “certain revenue associated with these reporting periods in 2021 may have been inaccurately recorded in [Missfresh]’s financial statements.” As of the date the criticism was filed, Missfresh ADSs closed at $0.389 per ADS, nicely under Missfresh’s IPO worth of $13.00 per ADS.
WHAT CAN I DO?
Missfresh buyers might, no later than September 12, 2022 search to be appointed as a lead plaintiff consultant of the category via Kessler Topaz Meltzer & Check, LLP or different counsel, or might select to do nothing and stay an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Missfresh buyers who’ve suffered important losses to contact the agency straight to accumulate extra data.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a consultant get together who acts on behalf of all class members in directing the litigation. The lead plaintiff is often the investor or small group of buyers who’ve the biggest monetary curiosity and who’re additionally enough and typical of the proposed class of buyers. The lead plaintiff selects counsel to symbolize the lead plaintiff and the category and these attorneys, if accepted by the court docket, are lead or class counsel. Your skill to share in any restoration just isn’t affected by the choice of whether or not or to not function a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts all through the nation and around the globe. The agency has developed a worldwide status for excellence and has recovered billions of {dollars} for victims of fraud and different company misconduct. All of our work is pushed by a standard objective: to guard buyers, customers, workers and others from fraud, abuse, misconduct and negligence by companies and fiduciaries. The criticism on this motion was not filed by Kessler Topaz Meltzer & Check, LLP. For extra details about Kessler Topaz Meltzer & Check, LLP please go to www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]
A video accompanying this announcement is accessible at: https://www.globenewswire.com/NewsRoom/AttachmentNg/796ec695-2668-446d-971a-c7d9328ca788
