Philadelphia, Pennsylvania--(Newsfile Corp. - July 12, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against UP Fintech Holding Limited ("UP Fintech") (NASDAQ: TIGR) on behalf of those who purchased UP Fintech securities between April 29, 2020 and May 16, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired UP Fintech securities during the Class Period may, no later than August 21, 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/up-fintech/.
UP Fintech claims it is a leading integrated financial technology platform providing cross-market, multi-product investment experience for investors around the world.
On December 30, 2022, before market hours, Reuters published an article entitled "China regulator asks Futu and UP Fintech to Stop Soliciting Mainland Clients." The article stated in part, that "UP Fintech Holding [has] conducted unlawful securities businesses, and will be banned from opening new accounts from mainland Chinese investors." That same day The Wall Street Journal released an article entitled "China Regulator Says Futu, UP Fintech Violated Laws," which discussed, in part, how Chinese regulators had warned UP Fintech in late 2021 that it would need to fully comply with Chinese securities laws.
Following this news, the price of UP Fintech American Depositary Shares ("ADSs") dropped by $1.36 per ADS, or 28.5%, to close at $3.41 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 UP Fintech ADSs declined $0.21 per ADS, or 7.36%, to close at $2.64 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/173175
