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MF.US
id: 767

Missfresh (MF) Misleading Public Offering Case

C.D. California
Court
8:23-cv-01124
Case number
25 Jun 2021
Class period Start
12 Jul 2022
Class period End
23 Aug 2023
Lead Plaintiff motion deadline
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.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Investment Bank
Service Provider
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Shock Event Date
12 July 2022
Filing date
23 June 2023
Lead Plaintiff Deadline
23 August 2023
Collecting participants…

Missfresh Ltd ADR

Missfresh Limited engages in the digital marketing solutions and private label products retail business in China. The company operates a digital platform that offers fresh produce, such as fruits, ...

    Ticker
    MF.US
    ISIN
    US60500F1057
    CIK
    1851682
    Sector
    Consumer Defensive
    Industry
    Grocery Stores
    Country
    USA
    Address
    Block A, Vanke Times Center, Beijing, China, 100016