Did you lose money on investments in UP Fintech? If so, please visit UP Fintech Holding Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, June 26, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR) between April 29, 2020 and May 16, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Central District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
According to the Complaint, UP Fintech describes is a leading integrated financial technology platform providing cross-market, multi-product investment experience for investors around the world.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Defendants failed to disclose to investors that: (1) UP Fintech’s business was illegal as it related to operations in China as a result of its failure to obtain the proper licenses; (2) it did not fully disclose to investors that it was engaging in unlawful activity and instead characterized the applicable Chinese laws as ambiguous; and (3) the foregoing subjected the Company to a heightened risk of regulatory enforcement.
On Thursday, October 28, 2021, The Wall Street Journal released an article entitled “Chinese Online Broker Shares Dropped After Criticism From Central Bank”, which discussed a speech given by Sun Tianqi, the head of the financial stability department of the People’s Bank of China, and which had been publicized that day. On this news, the price of UP Fintech ADSs declined by $1.51 per ADS, or 17.06%, on extremely high trading volume, to close at $7.34 on October 28, 2021.
On December 30, 2022, before market hours, Reuters published an article entitled “China regulator asks Futu and UP Fintech to Stop Soliciting Mainland Clients.” Also on December 30, 2022, The Wall Street Journal released an article entitled “China Regulator Says Futu, UP Fintech Violated Laws”, which discussed, in part, how Chinese regulators had warned UP Fintech in late 2021 that it would need to fully comply with Chinese securities laws. On this news, the price of UP Fintech ADSs plummeted by $1.36 per ADS, or 28.5% to close at $3.41 on December 30, 2022.
Finally, on May 16, 2023, during market hours, Reuters released an article entitled “Two online brokerages to remove China apps as Beijing data crackdown widens”. The article stated, in pertinent part, ”Chinese regulators had warned the two firms as early as 2021 that online brokerages not licensed in China were acting illegally if they served Chinese clients via the internet.”
On this news, the price of UP Fintech ADSs declined $0.21 per ADS, or 7.36%, to close at $2.64 on May 16, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than August 21, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired UP Fintech securities, and/or would like to discuss your legal rights and options please visit UP Fintech Holding Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
