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id: 767, Created by Stan Vick, Scout
Missfresh (MF) Misleading Public Offering Case
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On July 1, 2022, Missfresh (MF) announced the completion of the audit of the Company’s financials.
- Its “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.
- As a result, certain revenue associated with these reporting periods in 2021 may have been inaccurately recorded in the Company’s financial statements.”
- The release also indicated that all responsible employees had resigned from Missfresh prior to the completion of the audit.
A year earlier Missfresh conducted the IPO which registration docs and investor materials did not contain any of the facts above.
Since IPO $MF lost over 90% of its value, seriously damaging shareholders.
Taking all facts into account, Investors have reasons to suspect that the Company and Underwriters of offering overvaluing Missfresh and failed to account for the company's poor internal management and inaccurate financial statements.
Failure to Disclose,
Depository Securities (ADS, ADR, GDR)
Shock Event Date
12 July 2022
23 June 2023
Lead Plaintiff Deadline
23 August 2023