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Missfresh 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 Eastern District of New York on behalf of those who 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” or “Offering”). Investors have until September 12, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit. 
 
Missfresh is an innovator and leader in China’s neighborhood retail industry which invented the Distributed Mini Warehouse (DMW) model to operate an integrated online-and-offline on-demand retail business focusing on offering fresh produce and fast-moving consumer goods (FMCGs).
 
On June 23, 2021, Missfresh filed with the SEC its final prospectus for the IPO on Form 424B4 (the “Prospectus”), which forms part of the Registration Statement. In the IPO, Missfresh sold approximately 21 million American Depositary Shares (“ADSs”) at $13.00 per ADS.
 
On April 29, 2022, Missfresh announced it wouldn’t timely file its annual financial statements and that it was conducting an internal investigation into transactions between it and certain third parties. On this news, Missfresh ADSs declined by $0.068 per ADS, or approximately 13.18%, from $0.516 per ADS to close at $0.448 per ADS on May 2, 2022.
 
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 revealed it overstated revenues for the period ended March 31, 2021, and during subsequent interim periods.
 
On July 12, 2022, the day the suit was filed, Missfresh ADSs closed at $0.389 per ADS.
 
The lawsuit alleges throughout the Class Period, 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, Defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
 

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