MINISO Overcomes Investor Claims Against Retail Partner Model

MINISO Group Holding Ltd. and its initial public offering underwriters beat investor allegations that they failed to disclose the Chinese retailer directly owned and operated stores portrayed as franchises.

Investors didn’t sufficiently bolster their pleadings of alleged misstatements, intent or recklessness to defraud, or related shareholder losses after a prior dismissal order, Judge Edgardo Ramos said. Neither non-fraud claims under the 1933 Securities Act tied to MINISO’s 2020 New York Stock Exchange IPO nor securities fraud claims were adequately pleaded, the US District Court for the Southern District of New York judge said, tossing the proposed class action with ...