Glancy Prongay & Murray LLP, a leading securities fraud law firm, announces the filing of a securities class action lawsuit on behalf of investors in Missfresh Limited (MF)

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LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF) pursuant to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s initial public offering of June 2021 (“IPO” or the “Offer”). Missfresh investors have until September 12, 2022 to file a petition of the main plaintiff.

If you have suffered a loss on your Missfresh investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/ cases/missfresh-limited/. You may also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.

In June 2021, Missfresh completed its IPO, selling 21 million American Depository Shares (“ADS”) at $13 per ADS.

On April 29, 2022, Missfresh disclosed that it could not timely file its annual report for fiscal year 2021 because it was conducting “an internal review of certain matters, including those relating to transactions between the Company and certain businesses. third parties”.

On this news, Missfresh’s stock fell 13%, to close at $0.448 per ADS on May 2, 2022, hurting investors.

Then, on July 1, 2022, after market close. Missfresh announced that based on the substantial completion of the internal review, some revenue reported in fiscal year 2021 “may have been recorded inaccurately”. Specifically, the review identified “questionable transactions” made by the Next Day Delivery business unit in 2021, including “undisclosed relationships between suppliers and customers, different customers or suppliers sharing the same contact details and / or lack of supporting logistical information. ”

Since the IPO, Missfresh ADSs have traded as low as $0.3075, which is a 97% decline from the IPO price.

The complaint filed in this class action alleges that the defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (1) Missfresh provided false financial figures in its registration statement; (2) Missfresh should change its financial figures; (3) Missfresh, among others, recorded lower net revenues for the quarter ended March 31, 2021; and (4) as a result, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.

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If you have purchased or otherwise acquired Missfresh securities pursuant to and/or in connection with the IPO, you may sue in court no later than September 12, 2022 ask the Tribunal to appoint you as the principal plaintiff. To be a member of the Group, you do not have to perform any action at the moment; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the Class. If you would like to know more about this action, or if you have any questions about this announcement or your rights or interests in respect of these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.

This press release may be considered attorney advertising in certain jurisdictions under applicable law and ethics rules.

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