Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, July 07, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Missfresh Limited (NASDAQ: MF) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Missfresh investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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