The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of MINISO Group Holding Limited (NYSE: MNSO) who purchased securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with MINISO’s October 2020 initial public offering. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the MINISO lawsuit alleges that (1) defendants and other undisclosed related parties owned and controlled a much larger amount of MINISO stores than previously stated; (2) as a result, MINISO concealed its true costs; (3) the Company did not represent its true business model; (4) defendants, including the Company and its chairman, engaged in planned unusual and unclear transactions; (5) as a result of at least one of these transactions, the Company is at risk of breaching contracts with People’s Republic of China authorities; (6) the Company would imminently and drastically drop its franchise fees; and (7) as a result, defendant’s statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until October 17, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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