According to the Complaint, Missfresh purports to be an innovator and leader in China’s neighborhood retail industry which invented the Distributed Mini Warehouse (DMW) model to operate an integrated online-and-offline on-demand retail business focusing on offering fresh produce and fast-moving consumer goods (FMCGs).

On or about June 8, 2021, Missfresh filed with the SEC a Registration Statement on Form F-1, which in combination with a subsequent amendment on Form F-1/A and filed pursuant to Rule 424(b)(4), would be used for the IPO.

The Complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Missfresh provided false financial figures in its Registration Statement; (2) Missfresh would need to amend its financial figures; (3) Missfresh, among other things, had lesser net revenues for the quarter ended March 31, 2021; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.

On October 3, 2022, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel.

On November 3, 2022, the Court issued an Order transferring the case to the Southern District of New York. Lead Plaintiffs filed an amended Complaint on December 28. Defendants filed a Motion to Dismiss the amended Complaint on January 27, 2023. On September 12, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On June 12, 2024, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on July 3.