Invested in
MINISO?
Contact investor lawyers for a free evaluation of your potential claims for compensation today.
- Are you an investor in ADS in MINISO Group Holding Limited (NYSE: MNSO)?
- Have you suffered losses in excess of $100,000?
- Are you concerned about the recent MNSO stock price decline?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
The investor rights attorneys at Rosca Scarlato LLC law firm are investigating potential violations of federal securities laws and/or corporate misconduct in connection with the MINISO securities offering to US investors.
The RS investor advocates are preparing to take action and seek compensation for any losses MINISO investors and/or MINISO Group Holding Limited may have suffered as a result of any misconduct by MINISO and/or MINISO’s directors and officers.
Concerned MNSO investors may contact us via email at arosca@rscounsel.law, send a message through the contact form on this page, or call us at 888-998-0530.
Deadline to take action: October 17, 2022.
Contact Us About Your
Investments
Free Case Evaluation
The Miniso Investor Center is the Resource for Investors Who Invested in Miniso Group Holding Limited American Depositary Shares and Suffered Losses in Excess of $100,000.
- Free Case Evaluation
- No Fees if No Recovery
- Contact Us Today
We can also do a Zoom call to discuss your matter.
Posted October 11, 2022
Miniso Investigation
Securities attorneys Alan Rosca and Paul Scarlato have been investigating circumstances related to the MINISO Group Holding Limited Initial Public Offering (“IPO”) and have identified potential areas of concern.
MNSO stock investors interested to evaluate potential options to seek compensation and/or pursue claims related to their MINISO Group Holding Limited investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in MINISO. They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, pursuant to court review and approval.
Claims that are not timely pursued may expire or otherwise be lost, generally speaking. MINISO investors interested to explore options to file claims for compensation should consider taking action promptly.
Deadline to take action: October 17, 2022.
Concerned MNSO stock investors investors may contact attorneys Alan Rosca or Paul Scarlato to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
About MINISO Group Holding Limited
MINISO Group Holding Limited is a Guangzhou, China, based global value retailer that sells lifestyle products. According to its marketing materials MINISO operates over 4,200 MINISO stores across 80 countries.
According to the fillings with the Securities and Exchange Commission (“SEC”), MINISO filed a Draft Registration Statement in July 17, 2020, announcing the intention to organize its IPO of American depositary shares, or ADSs. A Form F-1 Registration Statement followed on September 8, 2020, and after several amendments, on October 15, 2020, the company filed a Rule 424(b)(4) Prospectus announcing that the company is offering 30,400,000 ADSs representing 121,600,000 Class A Ordinary Shares at $20 per ADS, for a total offering price of $608,000,000.
The prospectus also announced that the MINISO ADSs have been approved for listing on the New York Stock Exchange under the symbol “MNSO.”
According to data provided by Yahoo! Finance, for a few months after the IPO the price per MNSO share appreciated to close at $34.77 on February 8, 2021. Since then, save some fluctuations, the price per MNSO share has been declining. As of October 10, 2022, the price per MNSO share closed at $5.67, which according to Google Finance is a decline of over 63% over the last year, and over 75% since the IPO.
Potential Compensation Claims
Potential Issues Involving MINISO Revealed by Research Report
On July 26, 2022, a company called Blue Orca Capital issued a report that brought troubling accusations against MINISO and its control persons. The report alleges, among others, that over six hundred MINISO stores are owned by “MINISO executives or individuals closely connected to the chairman.” The report further alleges that the MINISO IPO proceeds were “siphoned” by its chairman and that the company failed to disclose that its revenues are shrinking, that the company is facing “large-scale store closures” and that the franchising fee was lowered more than 60% in the past two years signaling “a retail business in trouble.”
MINISO Class Action Complaint Alleged Violations of Securities Laws
On August 17, 2022, a class action complaint was filed against MINISO Group Holding Limited, Guofe Ye, Saiyin Zhang, Minxin LI, Donald J. Puglisi, Goldman Sachs (Asia) L.L.C., BofA Securities, Inc., and Puglisi & Associates.
The complaint alleged, among others, false and/or misleading statements and/or failure to disclose concerning MINISO’s business, operational and financial results. Among others, the complaint alleged that the number of MINISO stores owned by MINISO control persons and undisclosed related parties was higher than disclosed to investors, and as a result the company’s true costs were allegedly concealed.
The complaint further alleged that MINISO and its chairman engaged in “unusual and unclear transactions,” and as a result exposed the company to the risk of being in breach of contract with PRC authorities. In addition, the investors alleged materially false and misleading statements regarding MINISO’s business and operations by allegedly failing to disclose that the company plans to drop its franchise fees.
As a result, the plaintiffs sought damages, interest, as well as counsel fees, and expert fees. The class action is currently pending. MNSO investors with substantial losses may apply for lead plaintiff in that case, with an attorney of their choice. The Rosca Scarlato securities lawyers may assist with this process.
MINISO Shareholders May Have Options
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and are evaluating potential claims for compensation on behalf of MNSO shareholders. They have decades of combined experience representing victims of corporate or financial misconduct.
If you are a MINISO investor concerned about your investment, and believe you suffered losses in excess of $100,000, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information. All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, MINISOinvestors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
These general considerations are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts, and can tailor any advice to that investor’s facts.MINISO Investor Center is not affiliated with MINISO Group Holding Limited. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
Recent Investigations
- Posted on
- Posted on
DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.