Case Summary

Maison Solutions

NASDAQ: MSS

Case Details

  • Green et al. v. Maison Solutions Inc. et al.
  • Class Period:October 02, 2023 - December 15, 2023
  • Date Filed:January 04, 2024
  • Jurisdiction:U.S. District Court, Central District of California
  • Docket Number: 1:23-cv-01466
  • Lead Plaintiff Deadline: March 4, 2024
Days Left to
Seek Plaintiff
12

Overview

A class action lawsuit has been filed against Maison Solutions, Inc., (“Maison” or the “Company”) (NASDAQ: MSS) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Maison (a) Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s October 2023 initial public offering; and/or (b) securities between October 5, 2023 and December 15, 2023, inclusive (the “Class Period”) and investors have until March 04, 2024, to seek appointment as lead plaintiff of the Maison Solutions class action lawsuit.

Maison Solutions is a specialty grocery retailer offering Asian food and merchandise to U.S. consumers.

In October 2023, Maison conducted its IPO, selling 2,500,00 shares of Class A common stock at $4.00 per share. On December 15, 2023, Hindenburg Research published a report about Maison, alleging a number of “red flags” concerning potentially illegal activities. Hindenburg reported that the Company’s Chief Executive Officer, John Xu, is also the President of J&C International Group (“J&C”) a company which supports immigration services for high-net-worth Chinese investors” and that J&C, Xu, and an alleged related entity, Hong Kong Supermarkets, allegedly used supermarkets as a front to defraud the EB-5 visa program. Hindenburg’s investigation further revealed that the Company may be being pumped by WhatsApp chat rooms with screenshots of chatrooms 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 on Friday, December 15, 2023, on unusually heavy trading volume. By the commencement of this action, Maison stock has traded as low as $1.50 per-share, a more than 62% decline from the $4 per-share IPO price.

The lawsuit alleges that the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s vendor XHJC Holdings Inc., is a related party; (2) that the Company’s CEO and related entities were alleged to have used supermarkets as a front to defraud the EB-5 visa program; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

*          *          *

If you purchased or otherwise acquired Maison (NASDAQ: MSS) (a) Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s October 2023 initial public offering; and/or (b) securities between October 5, 2023 and December 15, 2023, inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Maison Solutions lawsuit is March 04, 2024.

Join This Action

Name(Required)
Address(Required)
Are you a current or former employee at the company?(Required)

Purchases

Purchases Buy Date Quantity Purchase Price per share or security Actions
       

Sales

Sale Type Sale Date Quantity Sale Price per share or security Actions
       

Upload Documents

Drop files here or
Accepted file types: xls, xlsx, doc, pdf, jpg, jpeg, Max. file size: 50 MB, Max. files: 5.