LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of MINISO Group Holding Limited (“MINISO” or the “Company”) (NYSE: MNSO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On July 26, 2022, Blue Orca Capital published a report alleging, among other things, that MINISO “lies about its core business model” by claiming that 99% of its stores in China are operated by independent franchises. However, an investigation shows that over 620 supposedly independent franchises are registered under the names of MINISO executives or individuals “closely connected” to the Company’s chairman.
On this news, MINISO’s American Depository Share (“ADS”) price fell $1.08, or 15%, to close at $6.13 per ADS on July 26, 2022, thereby injuring investors.
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If you purchased MINISO securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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