Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Missfresh Limited (“Missfresh” or the “Company”) (NASDAQ: MF) investors concerning the Company’s possible violations of the federal securities laws.
Latest Fintech News: New Workflows in Pega Smart Dispute Help Banks Handle the Evolving Payment Landscape
If you suffered a loss on your Missfresh investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/missfresh-limited/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On April 29, 2022, Missfresh disclosed that it could not timely file its fiscal 2021 annual report because it was conducting “an internal review of certain matters, including those relating to transactions between the Company and certain third-party enterprises.”
Latest Fintech News: Gocardless to Acquire Open Banking Platform Nordigen, Combining Broad Open Banking Connectivity With Bank Payment Expertise
On this news, Missfresh’s stock fell $0.19, or 27.7%, to close at $0.52 or April 29, 2022, thereby injuring investors.
Then, on July 1, 2022, after the market closed. Missfresh announced that, based on substantial completion of the internal review, certain revenue reported during fiscal 2021 “may have been inaccurately recorded.” Specifically, the review identified “questionable transactions” carried out by the Next-Day Delivery Business Unit in 2021, including “undisclosed relationships between suppliers and customers, different customers or suppliers sharing the same contact information, and/or lack of supporting logistics information.”
Latest Fintech News: Natixis Corporate & Investment Banking closes $300 million acquisition facility for SKY Leasing
[To share your insights with us, please write to sghosh@martechseries.com]
