On December 15, 2023, Hindenburg Research posted a scathing tweet concluding “[w]e believe $MSS is slated to suffer a similar fate to $GDHG and that retail shareholders will once again be left holding the bag on a massively overvalued company that has become bloated in size due to illegal and nefarious pumping/manipulation.”

Hindenburg revealed that Maison Solutions had an apparently undisclosed federal tax lien and highlighted the millions the Company spent acquiring assets from the wife of the company’s Chief Executive Officer, John Xu.

In addition, Hindenburg reportedly accused Xu and a related entity of being named defendants in 2020 litigation alleging that Xu and the entity used supermarkets as a front to defraud the EB-5 visa program, and observed that Maison Solutions used an underwriter for its initial public offering that has numerous FINRA violations including for “manipulative practices.”

In response, the price of Maison Solutions shares plummeted over 83%, on December 15, 2023.