MINISO Group Holding Limited Securities Class Litigation
Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the American Depository Shares (“ADSs”) of MINISO Group Holding Limited (“MINISO” or the “Company”) (NYSE: MNSO) in the Company’s October 2020 Initial Public Offering (“IPO”).
If you purchased MINISO ADSs in connection with the IPO, you may move the Court for appointment as lead plaintiff by no later than October 17, 2022. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
MINISO investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff, complete the form below, text or email firstname.lastname@example.org, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the MINISO Securities Class Litigation
MINISO, headquartered in Guangzhou, China, is a retailer that serves consumers globally through its large network of stores. On October 15, 2020, MINISO conducted its IPO, issuing approximately 30,400,000 ADS at $20.00 per share.
The action alleges that MINISO misrepresented and failed to disclose in its IPO registration statement material adverse information about MINISO’s business, operations, and prospects.
On July 26, 2022, Blue Orca Capital published a report claiming that contrary to MINISO’s statements that 99% of its stores in China are operated by independent franchisees, (1) Defendants and other undisclosed related parties owned and controlled many more MINISO stores than previously stated; (2) as a result, the Company concealed its true costs; (3) MINISO did not represent its true business model; (4) Defendants, including the Company and its Chairman, engaged in planned unusual transactions, at least one of which put MINISO at risk of breaching contracts with Chinese authorities; and (5) MINISO lowered its franchise fees by 63% in the previous two years to attract franchisees. On this news, MINISO’s ADS price fell $1.08 per ADS, or 14.9%, to close at $6.13 on July 26, 2022, well below its IPO price of $20.00, on unusually heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.