NEW ORLEANS, Sept. 06, 2022 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they to have October 17, 2022 To file lead plaintiff motions in a securities class action lawsuit against MINISO Group Holding Limited MNSOif they purchased or acquired the Company’s securities pursuant to and/or traceable to the Company’s October 2020 initial public offering (the “IPO”). This lawsuit is pending in the United States District Court for the Central District of California.

What you can do

As above, if you have purchased or acquired securities of MINISO and would like to discuss your legal rights and how this case may affect you and your right to compensation for your economic loss, you may contact KSF Managing Partner Lewis at no obligation or cost to you contact Kahn toll-free at 1-877-515-1850 or email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-mnso/ to learn more. If you wish to be a lead plaintiff in this class action lawsuit, you must file a petition with the court October 17, 2022.

About the lawsuit

MINISO and certain of its officers are accused of failing to disclose material information in its IPO registration statement in violation of federal securities laws.

On July 26, 2022, market researcher Blue Orca Capital reported a variety of issues affecting the China-based company, including that “there is overwhelming evidence that MINISO is misleading the market about its core business” and that “Chinese company records also indicate, in our view, that the chairman siphoned hundreds of millions from the public company through opaque Caribbean jurisdictions as an intermediary in a crooked deal with headquarters,” among others.

On the news, the price of MINISO’s American Depositary Shares fell $1.08, or 14.98%, to close at $6.13 on unusually high trading volume.

The case is Ashraf v MINISO Group Holding Limited, No. 22-cv-05815.

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