As Class Action Looms, Miniso Says Fraud Claims Unfounded

What’s new: Chinese household and consumer goods retailer Miniso Group Holding Ltd. has once again denied accusations that it lied about its business model and siphoned investor cash to its chairman after a class action complaint was filed in a California federal court.

An investigation overseen by three independent directors on the company’s board “with the assistance of third-party professional advisors” found that the “key allegations” were “not substantiated,” Hong Kong- and New York-listed Miniso said in a Thursday statement.