TIGR INVESTOR ALERT: UP Fintech Holding Limited Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

SAN DIEGO, June 24, 2023 /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of publicly traded UP Fintech Holding Limited (NASDAQ: TIGR) securities between April 29, 2020 and May 16, 2023, inclusive (the "Class Period") have until August 21, 2023 to seek appointment as lead plaintiff of the UP Fintech class action lawsuit.  Captioned Burns v. UP Fintech Holding Limited, No. 23-cv-04842 (C.D. Cal.), the UP Fintech class action lawsuit charges UP Fintech and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the UP Fintech class action lawsuit, please provide your information here: 

https://www.rgrdlaw.com/cases-up-fintech-holding-limited-class-action-lawsuit-tigr.html

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. 

CASE ALLEGATIONS: UP Fintech purports to be a leading financial technology platform providing cross-market, multi-product investment experience for investors around the world.

The UP Fintech class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) UP Fintech's business was illegal as it related to operations in China as a result of its failure to obtain proper licenses; (ii) UP Fintech did not fully disclose to investors that it was engaging in unlawful activity and instead characterized the applicable Chinese laws as ambiguous; and (iii) the above subjected UP Fintech to a heightened risk of regulatory enforcement.

On October 28, 2021, The Wall Street Journal published an article titled "Chinese Online Broker Shares Dropped After Criticism From Central Bank" which stated, "[a] senior official at China's central bank said cross-border online brokerages operating in mainland China were acting illegally."  On this news, the price of UP Fintech American Depositary Shares ("ADSs") declined more than 26% over two trading days.

Then, on December 17, 2021, Reuters published an article titled "EXCLUSIVE Next in China regulatory crackdown: online brokers-sources," reporting that "Chinese officials are planning to ban online brokerages such as . . . UP Fintech Holding Ltd from offering offshore trading services to mainland clients."  On this news, the price of UP Fintech ADSs declined further.

Thereafter, on December 30, 2022, Reuters published an article titled "China regulator asks Futu and UP Fintech to stop soliciting mainland clients."  The article explained, "China's securities regulatory said on Friday that online brokerage[] . . . UP Fintech Holding [has] conducted unlawful securities businesses, and will be banned from opening new accounts from mainland Chinese investors."  On this news, the price of UP Fintech ADSs declined more than 32% over two trading days.

Finally, on May 16, 2023, Reuters published an article titled "Two online brokerages to remove China apps as Beijing data crackdown widens," which detailed that "UP Fintech Holding Ltd will remove [its app] in mainland China amid Beijing's sharpened focus on data security and capital outflows."  On this news, the price of UP Fintech ADSs declined more than 7%, further damaging investors. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired publicly traded UP Fintech securities during the Class Period to seek appointment as lead plaintiff of the UP Fintech class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the UP Fintech class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the UP Fintech class action lawsuit.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the UP Fintech class action lawsuit. 

ABOUT ROBBINS GELLER: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs' firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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Contact:

Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA  92101
J.C. Sanchez, 800-449-4900
[email protected] 

SOURCE Robbins Geller Rudman & Dowd LLP