LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of MINISO Group Holding Limited (“MINISO” or “the Company”) (NYSE: MNSO) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. MINISO is the subject of a research report published by Blue Orca Capital on July 26, 2022. According to the report, “MINISO Lies about its Core Business Model” due to the Company’s “claims that 99% of its stores in China, its key market, are operated by franchisees independent from the Company. … Through our investigation, … we found over 620 supposedly independent franchises, which, according to Chinese corporate records, are registered under the names of MINISO executives or individuals closely connected to the Company’s chairman.” The report claims that “MINISO Admitted in Chinese Media that 40% of Stores Directly Owned.” Blue Orca also alleges that “IPO Proceeds Siphoned by Chairman through Crooked Headquarters Deal.” Based on this report, shares of MINISO fell by more than 14% in intraday trading on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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