NEW YORK, Aug. 22, 2022 (GLOBE NEWSWIRE) --
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of MINISO Group Holding Limited (NYSE: MNSO), Co-Diagnostics, Inc. (NASDAQ: CODX), and Ampio Pharmaceuticals, Inc. (NYSE American: AMPE). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
MINISO Group Holding Limited (NYSE: MNSO)
Class Period: October 15, 2020 IPO
Lead Plaintiff Deadline: October 17, 2022
MINISO purports to be a fast-growing global value retailer which serves consumers primarily through its large network of MINISO stores. On October 15, 2020, defendants held the IPO, issuing approximately 30.4 million American Depositary Shares (“ADSs”) to the investing public at $20.00 per ADS, pursuant to the Registration Statement.
On July 26, 2022, market researcher Blue Orca Capital published a report on MINISO which alleged several issues with MINISO, including that “contrary to [MINISO]’s claims, many MINISO stores are secretly owned by [MINISO] executives or insiders closely connected to the chairman” and “[u]ltimately, we believe that there is overwhelming evidence that MINISO misleads the market about its core business.” As Blue Orca explained, “[o]ur suspicion is that MINISO realized early in the pre-IPO process that a brick-and-mortar retailer would be far less attractive to investors than an asset-light franchise business, so we think that [MINISO] simply lied about these stores.” Blue Orca added that “Chinese corporate filings also indicate, in our view, that the chairman siphoned hundreds of millions from the public company through opaque Caribbean jurisdictions as the middleman in a crooked headquarters deal.” Blue Orca further concluded that “[i]ndependent evidence, including archived disclosures on MINISO’s Chinese website, reports in Chinese media and interviews with former employees, indicate that MINISO is a brand in serious peril,” noting that “MINISO lowered its franchising fee by 63% over the past two years in a desperate effort to attract franchisees.” On this news, MINISO’s ADS price fell nearly 15%.
As of July 27, 2022, MINISO ADSs closed at $5.66 per ADS, representing more than a 70% decline from the $20.00 IPO price.
The MINISO class action lawsuit alleges that the IPO’s Registration Statement was false and/or misleading and/or failed to disclose that: (i) defendants and other undisclosed related parties owned and controlled a much larger amount of MINISO stores than previously stated; (ii) as a result, MINISO concealed its true costs; (iii) MINISO did not represent its true business model; (iv) defendants, including MINISO and its Chairman, engaged in planned unusual and unclear transactions; (v) as a result of at least one of these transactions, MINISO is at risk of breaching contracts with PRC authorities; and (vi) MINISO would imminently and drastically drop its franchise fees.
For more information on the MINISO class action go to: https://bespc.com/cases/MNSO
Co-Diagnostics, Inc. (NASDAQ: CODX)
Class Period: May 12, 2022 – August 11, 2022
Lead Plaintiff Deadline: October 17, 2022
On August 11, 2022, Co-Dx shocked investors when the Company issued a press release and filed a report with the U.S. Securities and Exchange Commission that disclosed its financial results for the quarter ended June 30, 2022. The Company disclosed revenue of $5.0 million for the quarter ended June 30, 2022, down from $27.4 million during the prior year period, a decline of almost 82%. The Company primarily attributed the decrease to lower demand of the Logix Smart™ COVID-19 Test.
On this news, Co-Dx’s common stock price fell $1.98 per share, or 30.65%, to close at $4.48 per share on August 12, 2022.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Co-Diagnostics was experiencing a significant falloff in demand for its Logix Smart™ COVID-19 Test and demand for its Logix Smart™ COVID-19 Test had plummeted throughout the quarter ended June 30, 2022; and (2) as a result, Defendants’ positive statements about the demand for its Logix Smart™ COVID-19 Test lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Co-Dx class action go to: https://bespc.com/cases/CODX
Ampio Pharmaceuticals, Inc. (NYSEAmerican: AMPE)
Class Period: December 29, 2020 – August 3, 2022
Lead Plaintiff Deadline: October 17, 2022
The action arises out of the Company’s misstatements regarding the ability of Ampion, its lead product, to treat individuals with inflammatory conditions including, but not limited to, severe osteoarthritis of the knee (“OAK”).
Beginning in 2010 until approximately March 2022, Ampio conducted numerous clinical trials and analyses to determine Ampion’s efficacy. Despite confidentially advertising on numerous occasions that Ampion demonstrated statistically significant decrease in pain associated in symptomatic moderate-severe OAK, the Company failed to bring Ampion to market.
On April 20, 2022, Ampio announced that the U.S. Food and Drug Administration (“FDA”) responded negatively to its Type C meeting request for the Company’s AP-013 clinical trial and that the FDA found the company should have sought the FDA’s agreement on changes to the data analysis prior to analyzing and unblinding the data.
On this news, the Company’s share price fell $0.09, or 26%, to close at $0.25 per share on April 21, 2022.
Then, on May 16, 2022, Ampio announced that it had formed a special committee to conduct an internal investigation focusing on Ampio’s AP-013 clinical trial and unauthorized provision of its anti-inflammatory drug Ampion for use by individuals not participating in clinical trials.
On this news, the Company’s share price fell $0.04, or 10%, to close at $0.18 per share on May 18, 2022.
Then, on August 3, 2022, Ampio disclosed that, as far back as March 2020, “senior staff were aware… that the AP-013 trial did not demonstrate efficacy for Ampion on its co-primary endpoints of pain and function; and that these persons did not fully report the results of the AP-013 trial and the timing of unblinding of data from the AP-013 trial.” The Company also revealed “that certain Ampio personnel, including a former officer and certain former directors, facilitated the provision of Ampion for use.”
On this news, Ampio’s stock fell $0.06, or 37.5%, to close at $0.10 per share on August 3, 2022, thereby injuring investors.
For more information on the Ampio class action go to: https://bespc.com/cases/AMPE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
