The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Missfresh Limited (MF)

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming September 12, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s June 2021 initial public offering (“IPO” or the “Offering”).

If you are a shareholder who suffered a loss, click here to participate.

In June 2021, Missfresh held its IPO, selling 21 million American Depository Shares (“ADSs”) at $13 per ADS.

On April 29, 2022, Missfresh disclosed that it could not timely file its fiscal 2021 annual report because it was conducting “an internal review of certain matters, including those relating to transactions between the Company and certain third-party enterprises.”

On this news, Missfresh’s stock fell 13%, to close at $0.448 per ADS on May 2, 2022, thereby injuring investors.

Then, on July 1, 2022, after the market closed. Missfresh announced that, based on substantial completion of the internal review, certain revenue reported during fiscal 2021 “may have been inaccurately recorded.” Specifically, the review identified “questionable transactions” carried out by the Next-Day Delivery Business Unit in 2021, including “undisclosed relationships between suppliers and customers, different customers or suppliers sharing the same contact information, and/or lack of supporting logistics information.”

Since the IPO, Missfresh’s ADSs have traded as low as $0.3075, representing a 97% decline from the IPO price.

The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Missfresh securities pursuant and/or traceable to the IPO, you may move the Court no later than September 12, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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