TIGR Investors Have Opportunity to Lead UP Fintech Holding Limited Securities Fraud Lawsuit

BENSALEM, Pa., July 21, 2023 /PRNewswire/ -- Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against UP Fintech Holding Limited ("UP Fintech" or the "Company") (NASDAQ: TIGR).

Class Period: April 29, 2020 – May 16, 2023
Lead Plaintiff Deadline: August 21, 2023

Investors suffering losses on their UP Fintech investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].

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 this news, UP Fintech's stock price fell $1.51, or 17.1%, to close at $7.34 per ADS on October 28, 2021, thereby injuring investors.

Then, 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 this news, UP Fintech's stock price fell $0.13, or 2.6%, to close at $4.82 per ADS on December 17, 2021.

Then, on December 30, 2022, The Wall Street Journal reported that the China Securities Regulatory Commission ("CSRC") had issued a statement disclosing that UP Fintech "violated its domestic laws by allowing customers on the mainland to make cross-border trades," and that the Company's "act of offering offshore securities-trading services to clients in mainland China doesn't comply with the country's laws and regulations." According to the article, the CSRC "had discussions with . . . Up Fintech's senior executives in late 2021 and told them to comply with such laws." On this news, UP Fintech's stock price fell $1.36, or 28.5%, to close at $3.41 per ADS on December 30, 2022.

Then, on May 16, 2023, Reuters published an article stating that UP Fintech would be removing its app in mainland China. On this news, UP Fintech's stock price fell $0.21, or 7.4%, to close at $2.64 per ADS on May 16, 2023, thereby injuring investors further.

The complaint filed alleges that, throughout the Class Period, 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.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com

SOURCE Law Offices of Howard G. Smith