Press release
Investigation announced for Investors in shares of MINISO Group Holding Limited (NYSE: MNSO)
An investigation for investors in MINISO Group Holding Limited (NYSE: MNSO) shares over potential securities laws violations.
Investors who purchased shares of MINISO Group Holding Limited (NYSE: MNSO), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by MINISO Group Holding Limited regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based MINISO Group Holding Limited, an investment holding company, engages in the retail and wholesale of lifestyle products in China, Asia, the Americas, and Europe.
MINISO Group Holding Limited raised about $656 million in its US initial public offering ("IPO") in October 2020 at a IPO price of $20 per ADS. .
On July 26, 2022, during trading hours, market analyst Blue Orca Capital published a report regarding MINISO Group Holding Limited which alleges several issues with the Company including that "MINISO Lies about its Core Business Model" because "MINISO claims that 99% of its stores in China, its key market, are operated by franchisees independent from the Company. … Through our investigation, … we found over 620 supposedly independent franchises, which, according to Chinese corporate records, are registered under the names of MINISO executives or individuals closely connected to the Company's chairman[,]" and "MINISO Admitted in Chinese Media that 40% of Stores Directly Owned." The report further alleges that "IPO Proceeds Siphoned by Chairman through Crooked Headquarters Deal." Finally, the report alleges that MINISO is a "Retailer In Decline: Shrinking Revenues, Falling Franchise Fees and Store Closures[,]" due in part to "Franchise Fees Dropped by 63%, Indicating Lagging Interest."
Shares of MINISO Group Holding Limited (NYSE: MNSO) declined to as low as $5.41 per share on July 27, 2022.
Those who purchased shares of MINISO Group Holding Limited (NYSE: MNSO) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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