Maison Solutions Inc. (NASDAQ: MSS)

Join This Class Action

 NEW YORK, NY –  January 9, 2024 – Wolf Haldenstein Adler Freeman & Herz LLP  (“Wolf   Haldenstein”) reminds investors that a federal securities class action has been filed class on behalf of all persons and entities that purchased or otherwise acquired Maison Solutions Inc. (NASDAQ: MSS)

Class A common stock in connection with the Company’s October 2023 initial public offering (“IPO”) or securities between October 5, 2023 and December 15, 2023, inclusive (the “Class Period”). 

All investors who purchased shares and incurred losses are advised  to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than March 4, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

Maison is a specialty grocery retailer offering Asian food and merchandise to consumers in the United States

On October 5, 2023, the Company filed its prospectus on Form 424B4, which forms part of the Registration Statement.  In the IPO, the Company sold 2.5 million shares at a price of $4.00 per share and received net proceeds of approximately $10 million  The proceeds from the IPO were purportedly to be used for new store acquisitions and expansion including acquisition of 90% equity interests in the Alhambra Store from Grace Xu, spouse of John Xu, the Company’s CEO, and Dai Cheong from Mr. Xu, by paying off Small Business Administration federal loans held by each entity in the amount of $2 million and $2.4 million respectively.

On December 15, 2023, Hindenburg Research reported allegations noting red flags concerning potential illegal activities. It noted that CEO Xu is the President of J&C International Group, a company which “supports immigration services for high-net-worth Chinese investors”, which along with a related entity, Hong Kong Supermarkets, used supermarkets as a front to defraud the EB-5 visa program.  These claims are based on two separate lawsuits filed with similar allegations. Furthermore, Hindenburg alleged that the Company’s stock was being pumped up in “WhatsApp chat rooms” with screenshots showing “trading plans.”

On this news, Maison’s stock price fell $12.71 per share or 83.6% to close at $2.50 per share.  It presently trades below $1.00 per share.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas, and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

 


Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Maison Solutions Inc. (NASDAQ: MSS). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 02/22/2024