Missfresh Limited operates as an online-and-offline integrated on-demand retail company in China.
According to the complaint, the Offering Documents used to effectuate Missfresh’s IPO contained false and/or misleading statements and/or failed to disclose that:
- Missfresh provided false financial figures in its Offering Documents;
- Missfresh would need to amend its financial figures; and
- Missfresh, among other things, had lesser net revenues for the quarter ended March 31, 2021. As a result, the public statements made by Missfresh and other named defendants were materially false and misleading at all relevant times.
As the market began to learn the truth, Misfresh’s stock price experienced significant declines, damaging investors.