Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against Maison Solutions Inc.

Upcoming Lead Plaintiff Deadline is March 4, 2024

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- 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 [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

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.

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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 [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
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.

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP