Please complete this form relating to your transactions for Missfresh Limited (NASDAQ: MF) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Missfresh’s June 2021 initial public offering (the “IPO”).
You may also contact Jonathan Naji, Esq. (484) 270-1453; or you may submit your information via email at email@example.com; or you may click here to print a PDF of this form.
Missfresh investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than September 12, 2022 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Missfresh Limited (“Missfresh”) (NASDAQ: MF) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Missfresh’s June 2021 initial public offering (the “IPO”).
Missfresh is an innovator and leader in China’s neighborhood retail industry which invented the Distributed Mini Warehouse model to operate an integrated online-and-offline on-demand retail business focusing on offering fresh produce and fast-moving consumer goods.
On June 8, 2021, Missfresh filed with the SEC a Registration Statement on a Form F-1, which in combination with a subsequent amendment on a Form F-1/A and filed pursuant to Rule 424(b)(4), would be used for the IPO. On June 23, 2021, Missfresh filed with the SEC its final prospectus for the IPO on a Form 424B4, which forms part of the Registration Statement. In the IPO, Missfresh sold approximately 21 million American Depositary Shares (“ADSs”) at $13.00 per ADS. The complaint alleges that the Registration Statement was negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading.
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 [Missfresh]’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 [Missfresh] and certain third-party enterprises.” Following this news, Missfresh ADSs fell 13% to close at $0.448 per ADS on May 2, 2022, the next trading day.
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 [Missfresh] is not in compliance with the requirements for continued listing.” Following this news, Missfresh ADSs fell 9% over the next two trading days to close at $0.167 per ADS on May 26, 2022.
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 [Missfresh]’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.
The complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Missfresh provided false financial figures in its Registration Statement; (2) Missfresh would need to amend its financial figures; (3) Missfresh, among other things, had lesser net revenues for the quarter ended March 31, 2021; and (4) as a result, the defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.