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MNSO.US
id: 130
C.D. California
CourtOn July 26, 2022, market researcher Blue Orca Capital published a report on MINISO that alleged several issues.
From the Chinese registry and other sources, it was found that over 620 supposedly independent franchises were registered in the name of MINISO executives or individuals closely connected to MINISO Chairman. Chinese media published reports that 40% of MINISO stores were owned and operated by the company. This means lower revenues and higher costs than the picture presented before the IPO. The report also alleged that MINISO chairman bilked hundreds of millions of dollars of IPO proceeds through a series of crooked transactions.
Back on October 15, 2020, MINISO Group Holding Limited held its IPO, issuing approximately 30,400,000 ADSs to the investing public at $20.00. Before the IPO, Company’s top managers and investment banking houses serving as underwriters prepared and presented to potential investors highly favorable information about MINISO, its operations and financial prospects.
That information was later shown to be incorrect, with material facts concealed from the investors. As a result of this misinformation, the company’s financial prospects are worse.
The stock now trades in $6-$10 range, with IPO investors losing over 50% of their investments.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
26 July 2022