MINISO Group Holding Limited Fraud Class Action Lawsuit
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MINISO Group Holdings Limited

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired MINISO Group Holding Limited (“MINISO”) (NYSE: MNSO) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with MINISO’s October 2020 initial public offering (the “IPO” or “Offering”). Investors have until October 17, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
MINISO is 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 30,400,000 American Depositary Shares (“ADSs”) to the investing public at $20.00 per ADS, pursuant to the Registration Statement.
On July 26, 2022, during trading hours, market researcher Blue Orca Capital published a report on the Company (the “Report”) which alleged several issues regarding the Company’s business model, costs, and the amount of stores owned and controlled by Defendants. On this news, MINISO ADS price declined by $1.08 per ADS, or approximately 14.98%, from $7.21 per ADS to close at $6.13 per ADS on July 26, 2021.
On August 17, 2022, the day the suit was filed, MINISO ADSs closed at $5.99 per ADS.
The lawsuit alleges that the Registration Statement was false and/or misleading and/or failed to disclose that: (1) Defendants and other undisclosed related parties owned and controlled a much larger amount of MINISO stores than previously stated; (2) as a result, MINISO concealed its true costs; (3) the Company did not represent its true business model; (4) Defendants, including the Company and its Chairman, engaged in planned unusual and unclear transactions; (5) as a result of at least one of these transactions, the Company is at risk of breaching contracts with PRC authorities; (6) the Company would imminently and drastically drop its franchise fees; and (7) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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