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MF.US
id: 1195

Missfresh (MF) Investor Settlement

S.D. New York
Court
1:22-cv-09836
Case number
25 Jun 2021
Class period Start
12 Jul 2022
Class period End
Missfresh reached an agreement with $MF investors to settle claims about the financial misrepresentation and the issues with Registration Statement.

Case Details:

On April 29, 2022, Missfresh informed the SEC of its delay in filing the Annual Report for the fiscal year ended December 31, 2021. Moreover, an independent Audit Committee was reviewing transactions with third-party enterprises.

On this news, $MF fell 23% on May 2, 2022.

Then, on May 24, 2022, Missfresh received a letter from NASDAQ stating non-compliance with listing requirements.

On July 1, 2022, Missfresh announced completion of its review, revealing potential inaccuracies in revenue recording for 2021.

On July 6, 2022, $MF dropped by 97% compared to the IPO price.

Based on these events, Missfresh and its leaders were accused of the following details:
  • Missfresh included inaccurate financial data in its Registration Statement.
  • Missfresh needs to update its financials, revealing lower net revenues for the quarter ending March 31, 2021.
Missfresh reached an agreement with $MF investors to settle claims about the financial misrepresentation and the issues with Registration Statement.
Case Status
Tentative Settlement
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
12 July 2022
Plaintiffs
Juan Chen
Attorneys
Labaton Sucharow LLP, The Rosen Law Firm, P.A., The Schall Law Firm
Defendants
Zheng Xu, Jun Wang, Yuan Sun, Zhaohui Li, Colleen A. De Vries
Judge
William F. Kuntz, II
Trades matching type
FIFO

Frequently Asked Questions

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