HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Investors in Missfresh Limited’s (MF) IPO to Contact the Firm’s Attorneys, MF Admits Improper Revenue Recognition, Firm Investigating Possible Securities Law Violations
News provided byHagens Berman Sobol Shapiro LLP
Jul 06, 2022, 8:06 PM ET
SAN FRANCISCO, July 06, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Missfresh Limited (NASDAQ: MF) investors who purchased American Depositary Shares in Missfresh’s June 25, 2021 initial public offering and who have suffered significant losses to submit your losses now.
|Contact An Attorney Now:||MF@hbsslaw.com|
Missfresh Limited (NASDAQ: MF) Investigation:
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.
“We’re focused on investors’ losses and proving Missfresh cooked its books to go public,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Missfresh and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Missfresh should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email MF@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895