Specialty Grocer Investors Advance Suit Over Visa Fraud Claims

Maison Solutions Inc. and architects of its IPO couldn’t shed shareholder allegations the specialty supermarket operator concealed immigrant visa fraud accusations against its CEO and two related-party transactions in stock offering paperwork.

Stockholders leading the proposed class action adequately alleged these omissions would’ve mattered to reasonable investors for public offering claims under the 1933 Securities Act, Judge Sherilyn Peace Garnett said in an order entered Wednesday. But the investors insufficiently pleaded executives’ level of intent to deceive on one point or that market losses were tied to a revelation on the transactions’ nature for more-stringent securities fraud claims under the ...