FUTU HOLDINGS LIMITED CLASS ACTION ALERT: WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP REMINDS INVESTORS THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED AGAINST FUTU HOLDINGS LIMITED

LEAD PLAINTIFF DEADLINE IS AUGUST 11, 2023

NEW YORK, June 15, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of those who acquired the American Depositary Shares ("ADS")  of

Futu Holdings Limited ("Futu" or the "Company") (NASDAQ: FUTU) during the period from April 27, 2020 through May 16, 2023, inclusive (the "Class Period").

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than August 11, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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Futu Holdings Limited operates as a holding company that, through its subsidiaries, offers an online brokerage platform that enables individual investors to trade in listed stocks.

On 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. The article stated, in pertinent part: "A senior official at China's central bank said cross-border online brokerages operating in mainland China were acting illegally, knocking shares in U.S.-listed Futu Holdings Ltd. . . . The criticism heaps new
pressure on [Futu] after [it was] called out earlier this month by Chinese state media, which said the [firm] would face challenges due to the country's tough new data-privacy laws."

On this news, the price of Futu shares declined by $8.55 per share, or approximately 12.76%, from $67.02 per share to close at $58.47 on October 28, 2021.

On December 16, 2021, Reuters released an article entitled "EXCLUSIVE: Next in China Regulatory crackdown: online brokers sources." The article stated, in pertinent part: "Chinese officials are planning to ban online brokerages such as Futu Holdings Ltd (FUTU.O) . . . 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 this news, the price of Futu shares declined by $3.50 per share, or approximately 8.57%, from $40.84 per share to close at $37.34 on December 16, 2021. On December 30, 2022, the Wall Street Journal released an article entitled "China Regulator Says Futu, Up Fintech Violated Laws." The article stated, in part: "The regulator also said it was requiring Futu . . . to stop taking on or soliciting new domestic clients and customers, who aren't allowed to open accounts [and] . . .  Chinese state media had called out [Futu] for flouting China's securities and other laws."

On this news, the price of Futu shares declined by $18.26 per share, or approximately 31.00%, from $58.91 per share to close at $40.65 on December 30, 2022.    On May 16, 2023, Reuters released an article entitled "Two online brokerages to remove China apps as Beijing data crackdown widens." The part: "Futu, backed by Chinese internet giant Tencent Holdings Ltd, said on Tuesday its apps would be removed from app stores in China from May 19, while UP Fintech, also known as Tiger Brokers, would do the same with effect from May 18."

On this news, the price of Futu shares declined by $1.91 per share, or approximately 4.43%, from $43.15 per share to close at $41.24 on May 16, 2023.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP