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SAN FRANCISCO, Aug. 3, 2022 /PRNewswire/ — Hagens Berman urges MINISO Group Holdings Limited (NYSE: MNSO) investors who suffered significant losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/MNSO
Contact An Attorney Now: MNSO@hbsslaw.com
844-916-0895
MINISO attributes its fast growth to its MINISO Retail Partner model, claiming it’s an asset-light, high-margin network of thousands of independent franchise stores who shoulder capital and operating expenses while selling company-branded products.
These claims came into question on July 26, 2022, when Blue Orca published a scathing report about MINISO. Blue Orca determined that the company itself owns and operates about 40% of MINISO stores and, in addition, hundreds of stores are registered to company executives or persons connected to its Chairman. Blue Orca attributed MINISO’s secret ownership and operation to years of declining store revenues and profits.
Blue Orca also concluded that, shortly after MINISO completed its $600 million IPO in October 2020 “that MINISO’s chairman, Ye Guofu, bilked hundreds of millions of freshly raised capital from public investors through a series of crooked transactions revolving around the purchase and construction of a massive headquarters in China.”
This news sent the price of MINISO American Depositary Shares sharply lower on July 26, 2022.
More recently, on July 29, 2022, Blue Orca responded to MINISO’s July 28 “rebuttal,” stating MINISO (1) simply ignored Blue Orca‘s finding that the company owns and operates about 40% of MINISO stores, and (2) admitted its chairman did not contribute funds to purchase MINISO’s headquarters.
“We’re focused on investors’ losses and whether MINISO lied about its Retail Partner model,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in MINISO and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding MINISO should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email MNSO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP
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