Missfresh Limited
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The investigation focuses on Missfresh’s statements in connection with its June 2021 IPO, which enabled the company to issue 21 million American Depositary Shares at $13 per share, raising $273 million.
Specifically, Missfresh’s offering materials contained (1) financial statements for the period ended March 31, 2021, during which it claimed to have earned revenues totaling $233.5 million, and (2) assurances the company remediated weaknesses in its internal control over financial reporting.
But on Apr. 29, 2022, Missfresh announced it would not 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 also revealed that it overstated revenues for the period ended March 31, 2021, as well as during subsequent interim periods.
Significantly, the price of Missfresh’s ADSs now trade 99% below the $13 IPO price.
