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) -- 08/09/2023 -- An investor, who purchased NASDAQ: TIGR shares, filed a lawsuit against UP Fintech Holding Limited over alleged Securities Laws violations.
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: August 21, 2023. 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. On October 28, 2021, The Wall Street Journal published an article stating that "[a] senior official at China's central bank said cross-border online brokerages operating in mainland China were acting illegally," and specified that UP Fintech has "thrived partly by enabling customers in mainland China to buy and sell U.S. and Hong Kong-listed stocks."
On December 17, 2021, after market hours, Reuters reported that "Chinese officials are planning to ban online brokerages such as [. . .] UP Fintech . . . from offering offshore trading services to mainland clients, the latest development in a broad regulatory crackdown that has roiled a wide range of sectors over the past year."
On December 30, 2022, the China Securities Regulatory Commission issued a statement that UP Fintech had for years operated cross-border securities trading businesses without the commission's approval. Specifically, the China Securities Regulatory Commission stated that "[UP Fintech's] act has constituted illegal operation of securities business according to the Securities Law and related regulations[.]"
Then, on May 16, 2023, Reuters published an article stating that UP Fintech would be removing its app in mainland China.
Shares of UP Fintech Holding Limited (NASDAQ: TIGR) declined from $5.79 per share on December 05, 2022, to $2.31 per share on May 18, 2023.
The plaintiff claims that between April 29, 2020 and May 16, 2023, the Defendants failed to disclose to investors that: (1) UP Fintech's business was, quite simply, 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; (3) the foregoing subjected the Company to a heightened risk of regulatory enforcement; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of UP Fintech Holding Limited (NASDAQ: TIGR) have certain options and should contact the Shareholders Foundation.
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