Philadelphia, Pennsylvania--(Newsfile Corp. - July 6, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Futu Holdings Limited ("Futu") (NASDAQ: FUTU) on behalf of those who purchased Futu securities between April 27, 2020 and May 16, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Futu securities during the Class Period may, no later than August 11, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/futu-holdings/.
Futu, headquartered in Hong Kong, is a financial technology company that, through its proprietary digital platforms, Futubull and moomoo, offers a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management.
According to the lawsuit, Futu and its senior management failed to disclose to investors that: (1) Futu was operating illegally in China as a result of its failure to obtain the proper licenses; (2) Futu was engaging in unlawful activity and instead falsely characterized the applicable Chinese laws as ambiguous; and (3) the foregoing subjected Futu to a heightened risk of regulatory enforcement.
On December 30, 2022, The Wall Street Journal released an article entitled "China Regulator Says Futu, UP Fintech Violated Laws," which discussed, among other things, how Chinese regulators had warned Futu in 2021 that Futu was flouting Chinese securities laws.
Following this news, the price of Futu American Depositary Shares ("ADSs") dropped by $18.26 per ADS, or 31%, to close at $40.65 on December 30, 2022.
Then, on May 16, 2023, during market hours, Reuters released an article entitled "Two online brokerages to remove China apps as Beijing data crackdown widens."
Following this news, the price of Futu ADSs declined $1.91 per ADS, or 4.4%, to close at $41.24 on May 16, 2023.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Toronto has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172521
