ROSEN, LEADING INVESTOR COUNSEL, encourages MINISO Group Holding…

ROSEN, LEADING INVESTOR COUNSEL, encourages MINISO Group Holding…

Facebook
Twitter
LinkedIn

WHY: New York, NY – (NewMediaWire) – August 7, 2022 – Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of MINISO Group Holding Limited (NYSE: MNSO) arising from allegations that MINISO may have issued materially misleading business information to the investing public.

SO WHAT: If you have purchased MINISO Securities, you may be entitled to compensation without payment of expenses or costs through a contingency fee arrangement. Law firm Rosen is preparing a class action lawsuit to recover investor losses.

WHAT TO DO NEXT: To participate in the prospective class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=7814 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] or [email protected] for information about the Class Action.

WHAT IS THIS ABOUT: On July 26, 2022, during trading hours, market analyst Blue Orca Capital released a report on MINISO Group Holding Limited alleging several issues with the company, including that “MINISO is lying about its core business model” because “MINISO claims that 99% of its operations in China, its key market, are operated by franchisees who are independent of the company. In our investigation, we found over 620 allegedly independent franchise companies registered under the names of MINISO executives or people closely associated with the company’s CEO, according to Chinese company records[,]’ and ‘MINISO admitted in Chinese media that 40% of the businesses are directly owned.’ The report goes on to claim that ‘IPO proceeds were siphoned off by the chairman through crooked headquarters deal’. Finally, the report claims MINISO is a “declining retailer: shrinking revenues, declining franchise fees and store closures[,]” due in part to “franchise fees down 63%, suggesting lagging interest.”

As a result of this news, the price of the MINISO American Depositary Share (ADS) fell $1.08 per ADS, or 14.98%,…



Source story

More to explorer