HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Investors in Missfresh Limited's (MF) IPO to Contact the Firm's Attorneys, MF Admits Improper Revenue Recognition, Securities Class Action Filed
SAN FRANCISCO, July 13, 2022 /PRNewswire/ -- Hagens Berman urges Missfresh Limited (NASDAQ: MF) investors who purchased American Depositary Shares in Missfresh's June 25, 2021 initial public offering with significant losses to submit your losses now.
Lead Plaintiff Deadline: Sept. 12, 2022
Visit: www.hbsslaw.com/investor-fraud/MF
Contact An Attorney Now: [email protected]
844-916-0895
Missfresh Limited (NASDAQ: MF) Securities Class Action:
The litigation is brought on behalf of investors who purchased Missfresh securities in connection with the Company's June 2021 initial public offering (the "IPO" or "Offering").
The complaint alleges that Missfresh's IPO Registration Statement misrepresented and failed to disclose that: (1) Missfresh provided false financial figures in its Registration Statement; (2) Missfresh would need to amend its financial figures; (3) Missfresh, among other things, had lesser net revenues for the quarter ended March 31, 2021; and (4) as a result, Defendants' public statements were materially false and misleading at all relevant times and negligently prepared.
The false Registration Statement allowed Missfresh to go public, offering approximately 21 million ADSs to the investing public at $13.00 per share, and raising $273 million in net proceeds.
On Apr. 29, 2022, Missfresh announced it wouldn't timely file its annual financial statements and that it was conducting an internal investigation into transactions between it and certain third parties.
Then, on July 1, 2022, Missfresh announced it identified certain transactions carried out by its Next-Day Delivery business unit "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." The company revealed it overstated revenues for the period ended March 31, 2021, and during subsequent interim periods.
The price of Missfresh's ADSs now trade 99% below the $13 IPO price.
"We're focused on investors' losses and proving Missfresh cooked its books to go public," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Missfresh and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Missfresh should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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