SAN FRANCISCO, Jan. 09, 2023 (GLOBE NEWSWIRE) — Hagens Berman encourages UP Fintech Holding Limited (NASDAQ: TIGR) investors who suffered significant losses to submit your losses now.
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Contact a lawyer now: [email protected]
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The investigation focuses on UP Fintech’s statements about the sources and legality of the growth.
In the past, UP Fintech (which is known in Asia as Tiger Brokers) has thrived in part by allowing clients in mainland China to buy and sell stocks listed in the US and Hong Kong, and has touted massive growth in trading volume, client accounts and clients. assets, and attributed such growth to “a high-caliber customer base with significant growth potential, commitment and tenacity.”
UP Fintech’s claims came into question as of October 28, 2021, then The Wall Street Journal reported that a senior official of China’s central bank “said that cross-border online brokers operating in mainland China were acting illegally.”
So on December 30, 2022 WSJ reported that the PRC’s securities regulator said two Nasdaq-listed online brokers violated the country’s national laws by allowing mainland customers to make cross-border trades. The WSJ also reported that the PRC Securities Regulatory Commission identified UP Fintech as one of the brokers and said that PRC regulators require the company to stop soliciting new PRC customers and customers who are not allowed to open accounts. The WSJ further reported that about a year ago, in late 2021, regulators in China warned UP Fintech’s senior executives about compliance with laws in China governing the opening of mainland customer accounts.
This news drove the price of UP Fintech American Depositary Receipts sharply lower on December 30, 2022.
“We are focused on the investors’ losses and whether UP Fintech may have misled investors about whether the sources of its growth were legal and sustainable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you have invested in UP Fintech and suffered significant losses, or have knowledge that could assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Individuals with non-public information about UP Fintech should consider their options to assist in the investigation or take advantage of the SEC Whistleblower Program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30 percent of a successful recovery by the SEC. For more information, call Reed Kathrein on 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights law firm that focuses on corporate liability through class action law. Home to a robust securities law practice, the firm represents investors as well as whistleblowers, workers, consumers and others in cases that achieve real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Consult:
Reed Kathrein, 844-916-0895
