NEW YORK, NY / ACCESSWIRE / August 6, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Missfresh Limited ('Missfresh' or the 'Company') (NASDAQ:MF). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Missfresh and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around June 25, 2021, Missfresh conducted its initial public offering ('IPO'), selling approximately 21 million American depositary shares ('ADSs') priced at $13.00 per share.
On April 29, 2022, Missfresh filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 which announced that Missfresh would not be able to timely file its Annual Report on Form 20-F for 2021, due to an ongoing 'internal review of certain matters, including those relating to transactions between the Company and certain third-party enterprises.' On this news, Missfresh's ADSs fell $0.068 per ADS, or 13.2%, to close at $0.448 per ADS.
Then, on May 24, 2022, Missfresh disclosed that the Company was unable to file its 2021 Annual Report by the extended deadline, 'primarily because the Company is unable to complete the audit of the financial statements of the Company for the fiscal year ended December 31, 2021'. On this news, Missfresh's ADSs fell $0.018 per share, or 9.7%, over the following two trading days, to close at $0.167 per ADS on May 26, 2022.
Finally, on July 1, 2022, Missfresh issued a press release entitled 'Missfresh Announces the Substantial Completion of the Audit Committee-Led Independent Internal Review' which disclosed, among other things, that the Company's review 'identified certain transactions . . . that exhibit 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' and that consequently, 'certain revenue associated with those reporting periods in 2021 may have been inaccurately recorded in the Company's financial statements.'
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP
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