A lawsuit was filed on behalf of investors in UP Fintech Holding Limited (NASDAQ: TIGR) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/18/2019 -- An investor, who purchased shares of UP Fintech Holding Limited (NASDAQ: TIGR), filed a lawsuit over alleged violations of Federal Securities Laws by UP Fintech Holding Limited.
Investors who purchased shares of UP Fintech Holding Limited (NASDAQ: TIGR) have certain options and for certain investors are short and strict deadlines running. Deadline: January 6, 2020. NASDAQ: TIGR investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
China based UP Fintech Holding Limited provides online brokerage services focusing on Chinese investors. UP Fintech Holding Limited reported that its annual Total Revenue rose from $16.94 million in 2017 to $33.56 million in 2018 and that its Net Loss increased from $7.51 million in 2017 to $43.2 million in 2018. On or about March 20, 2019, UP Fintech Holding Limited sold 13 million shares of stock in its initial public stock offering (the "IPO"), at $8.00 a share raising $104,000,000 in new capital.
Shares of UP Fintech Holding Limited (NASDAQ: TIGR) declined from $17.80 per share in April 2019 to as low as $3.71 per share on August 5, 2019.
The plaintiff alleges, that Offering Documents that were filed in connection with the Company's initial public offering ("IPO") were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation
More specifically, the plaintiff claims that in the Offering Documents and between March 20, 2019 and May 16, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Fintech was experiencing a material decrease in commissions because of a negative trend related to risk-averse investors in the market, that UP Fintech Holding Limited was unable to absorb costs associated with the rapid growth of its business and its status as a publicly listed company on a U.S. exchange, that UP Fintech Holding Limited was incurring significant additional expenses related to, inter alia, employee headcount and employee compensation and benefits, that all of the foregoing had led to UP Fintech Holding Limited significantly increasing operating costs and expenses, and that as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein, and the Company's statements between March 20, 2019 and May 16, 2019 were likewise materially false and/or misleading.
Those who purchased shares of UP Fintech Holding Limited (NASDAQ: TIGR) have certain options and should contact the Shareholders Foundation.
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