NEW YORK, July 20, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF). Missfresh purports to be an innovator and leader in China’s neighborhood retail industry focusing on offering fresh produce and fast-moving consumer goods.
In June 2021, Missfresh conducted its initial public offering (IPO) by selling 21 million American Depository Shares ("ADSs") at $13.00 per ADS. A complaint has been filed on behalf of investors who purchased or otherwise acquired Missfresh securities pursuant and/or traceable to the registration statement for Missfresh’s June 2021 IPO.
On April 29, 2022, after trading hours, Missfresh filed a Notification of Late Filing on a Form 12b-25, which announced that Missfresh "will not be able to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 … by the prescribed filing deadline of April 30, 2022." Missfresh explained that "[t]he independent Audit Committee of the Company's board of directors, with the assistance of professional advisors, is in the process of conducting an internal review of certain matters, including those relating to transactions between the Company and certain third-party enterprises." Following this news, Missfresh ADSs fell 13% to close at $0.448 per ADS on May 2, 2021, the first trading day following the news.
Then, on May 24, 2022, after trading hours, Missfresh issued a press release entitled "Missfresh Announces Receipt of Nasdaq Notification Regarding Late Filing of Form 20-F" announcing "that it received a notification letter dated May 19, 2022 . . . from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq"), indicating that the Company is not in compliance with the requirements for continued listing." Following this news, the complaint alleges that Missfresh ADSs fell 9% over the next two trading days to close at $0.167 per ADS on May 26, 2021.
Finally, on July 1, 2022, Missfresh issued a press release entitled "Missfresh Announces the Substantial Completion of the Audit Committee-Led Independent Internal Review." In the press release, Missfresh disclosed that "certain revenue associated with these reporting periods in 2021 may have been inaccurately recorded in the Company’s financial statements." As of the date the complaint was filed, Missfresh ADSs closed at $0.389 per ADS, well below Missfresh's IPO price of $13.00 per ADS.
If you are a member of the proposed Class, you may move the court no later than September 12, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
