Missfresh Limited Class Action Lawsuit

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Missfresh Limited Class Action Lawsuit

Company Name	Missfresh Limited
​Class Period	​​​Issued in connection with Missfresh’s June 2021 initial public offering
Motion Deadline	September 12, 2022
Court	Southern District of New York
Symbol	MF

Missfresh Investor Who Suffered Losses in Missfresh Files Missfresh Class Action Lawsuit

If you suffered losses in Missfresh stock call a Missfresh Stock Loss Lawyer

The Missfresh class action lawsuit seeks to represent purchasers or acquirers of Missfresh Limited (NASDAQ: MF) securities pursuant 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.  The Missfresh class action lawsuit – captioned Chen v. Missfresh Limited, No. 22-cv-04065 (E.D.N.Y.) – charges Missfresh, certain of its top executives and directors, as well as the IPO’s underwriters with violations of the Securities Act of 1933.
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If you suffered losses in Missfresh stock and wish to serve as lead plaintiff of the Missfresh class action lawsuit, please provide your information below.  You can also contact Missfresh Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at tmiles@timmileslaw.com.  Lead plaintiff motions for the Missfresh class action lawsuit must be filed with the court no later than September 12, 2022. If you have questions, please contact ​Missfresh Stock Loss Lawyer Timothy L. Miles  today.

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Allegations in the Missfresh Class Action Lawsuit

If You Suffered Losses in Missfresh Stock Call a Missfresh Stock Loss-Lawyer

Missfresh purports to be an innovator and leader in China’s neighborhood retail industry which invented the Distributed Mini Warehouse model to operate an integrated online-and-offline on-demand retail business focusing on offering fresh produce and fast-moving consumer goods.  Pursuant to its IPO, Missfresh sold approximately 21 million of its American Depositary Shares (“ADSs”) at a price of $13.00 per ADS.

The Missfresh class action lawsuit alleges that the IPO’s 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 need to amend its financial figures; and (iii) Missfresh, among other things, had lesser net revenues for the quarter ended March 31, 2021.

On April 29, 2022 , Missfresh filed with the U.S. Securities and Exchange Commission (“SEC”) a Notification of Late Filing on Form 12b-25 which announced that Missfresh would 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 given that “[t]he independent Audit Committee of the [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.”  Missfresh further disclosed that “[t]he Audit Committee is working with its advisors to complete the review in a timely manner.”  On this news, the price of Missfresh ADSs fell by 13%.
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Then, on May 24, 2022, Missfresh issued a press release entitled “Missfresh Announces Receipt of Nasdaq Notification Regarding Late Filing of Form 20-F” which stated “the Listing Qualifications Department of The Nasdaq Stock Market Inc. (‘Nasdaq’), indicating that [Missfresh] is not in compliance with the requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) since [Missfresh] did not timely file its annual report on Form 20-F for the fiscal year ended December 31, 2021.”  Missfresh further revealed that it was not able to file the 2021 Form 20-F by the prescribed deadline “primarily because [Missfresh] is 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, on July 1, 2022, Missfresh issued a press release entitled “Missfresh Announces the Substantial Completion of the Audit Committee-Led Independent Internal Review” which revealed that the review “identified certain transactions carried out by the Next-Day Delivery BU in 2021 that exhibited characteristics of questionable transactions, such as undisclosed relationships between suppliers and customers, different customers or suppliers sharing the same contact information, and/or lack of supporting logistics information.”  Missfresh thus concluded that “[a]s a result, certain revenue associated with these reporting periods in 2021 may have been inaccurately recorded in [Missfresh]’s financial statements.”

​As of July 6, 2022, Missfresh ADSs closed at $0.3075, representing a 97% decline from the IPO price as investors suffered losses in Missfresh stock,.

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The Lead Plaintiff Process

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Missfresh to seek appointment as lead plaintiff in the Missfresh class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Missfresh, and have further questions, contact ​Missfresh  Stock Loss Lawyer Timothy L. Miles today.

How Can an Missfresh Stock Loss Lawyer Help Me?

Call a Missfresh Stock Loss Lawyer if you suffered losses in Missfresh stock

A Missfresh Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. A Missfresh Stock Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a Misfresh Stock Loss Lawyer who will work to recover the losses you sustained through an Misfresh class action lawsuit.​

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Contact an ​Misfresh Stock Loss Lawyer if You Suffered Losses in Outset Medical

​If you suffered losses in Misfresh, contact Misfresh Stock Loss Lawyer Timothy  L. Miles today about anMisfresh class action lawsuit​, and see what a Misfresh Stock Loss Lawyer can do for you.

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CONTACT MISSFRESH STOCK LOSS LAWYER TIMOTHY
​L. MILES TODAY FOR A FREE CASE EVALUATION

 

 

 

Contact Misfresh Stock Loss Lawyer Timothy L. Miles Today If you suffered losses in Misfresh

​                                  Missfresh Class Action Lawsuit
If you suffered losses in Missfresh stock, contact Missfresh Stock Loss Lawyer Timothy L. Miles about a Missfresh Class Action Lawsuit.

Missfresh Stock Loss Lawyer Timothy L. Miles
​855-Tim-MLaw (855) 846-8529
tmiles@timmileslaw.com
Call Missfresh Stock Loss Lawyer Timothy L. Miles today
​for a free case evaluation about a Missfresh class action lawsuit​

FREE CASE EVALUATION 
Call today for a free case evaluation with an Missfresh Medical Stock Loss Lawyer about an Missfresh Medical class action lawsuit

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