NEW YORK, Sept. 09, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF). Such investors are advised to contact Robert S. Willoughby ? Email: [email protected] Or call: 888-476-6529 ext. 7980.
The investigation concerns whether Missfresh and any of its officers and/or directors engaged in securities fraud or other illegal business practices.
On or about June 25, 2021, Missfresh conducted an initial public offering (“IPO”) in which it sold approximately 21 million American Depositary Receipts (“ADS”) at a price of $13.00 per share.
On April 29, 2022, Missfresh filed a Form 12b-25 Delayed Filing Notice with the SEC, announcing that Missfresh was unable to timely file its 2021 Annual Report on Form 20-F due to “an internal review,” including matters in the related to transactions between the company and certain third party companies.” Affected by the news, Missfresh’s US Depositary Receipts fell $0.068 per share, or 13.2%, to close at $0.448 per share.
Then, on May 24, 2022, Missfresh announced that the company was unable to file its 2021 annual report by the extended deadline, “primarily because the company was unable to complete the audit of the company’s financial statements for the year ended December 31, 2021.” . As a result of this news, Missfresh’s American Depositary Receipts fell $0.018 per share, or 9.7%, over the next two trading sessions to close at $0.167 per American Depositary Receipt on May 26, 2022.
Finally, on July 1, 2022, Missfresh issued a press release titled “Missfresh Announces Significant Completion of Independent Internal Review Led by the Audit Committee,” which disclosed, among other things, that the Company’s review “identified certain transactions … that indicated suspicious indicate transactions”. , such as undisclosed supplier-customer relationships, different customers or suppliers sharing the same contact information, and/or lack of supporting logistics information.” Hence, “By 2021…
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