Miniso Group Holdings Sued for Securities Law Violations; Investors Should Contact Block & Leviton for More Information

BOSTON, MA / ACCESSWIRE / August 18, 2022 / Block & Leviton announces that a class action lawsuit has been filed against Miniso Group Holdings Ltd. MNSO for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/mnso.

What is this all about?

On July 26, 2022, Blue Orca Capital issued a short report alleging that China-based retailer, Miniso Group Holdings Ltd. ADR, made misrepresentations about its core business model, and that the Company's chairman siphoned IPO proceeds through a crooked headquarters deal and profited from several off-balance sheet transactions.

According to the report, Miniso claims to be an asset-light, high margin retailer with a network of over 5,000 independent franchise stores. Based on their research, Blue Orca is of the opinion "that hundreds of stores are secretly owned and operated by MINISO executives or people closely connected to the chairman," Additional details in the report include that "at a 2017 conference in China, MINISO'S brand director said in an interview that most MINISO stores in tier one cities in China are owned and operated by the Company, and that franchising is only limited to lower tier cities. In November 2019, another article published by Chinese state-owned media reported that 40% of MINISO stores were owned and operated by the Company."

Shares of Miniso Group Holdings Ltd. ADR stock dropped more than 15% in intraday trading on July 26, 2022.

Who is eligible?

Anyone who purchased Miniso Group Holdings Ltd. ADR stock between October 12, 2020 and August 17, 2022 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.

What should you do next?

The deadline to seek appointment as lead plaintiff is October 17, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.

Why should you contact Block & Leviton?

Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
www.blockleviton.com

SOURCE: Block & Leviton LLP