Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against UP Fintech Holding Limited (“UP Fintech” or “the Company) (NASDAQ: TIGR) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired UP Fintech securities from April 29, 2020, through May 16, 2023 (the “Class Period”). Investors who acquired UP Fintech securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is August 21, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased UP Fintech securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST UP FINTECH HOLDINGS LIMITED
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) UP Fintechs 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 statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
ABOUT UP FINTECH HOLDINGS LIMITED
What does UP Fintech do?
- UP Fintech Holding Limited, also known as Tiger Brokers, is a leading online brokerage firm based in China. The company specializes in providing online brokerage services for global securities trading. Up Fintech offers individual investors access to various financial products, including stocks, options, futures, exchange-traded funds (ETFs), and other investment instruments.
- Through its online platform and mobile application, Up Fintech enables investors to trade securities on major global exchanges, such as the New York Stock Exchange (NYSE), NASDAQ, Hong Kong Stock Exchange (HKEX), and more. The platform provides real-time market data, trading tools, research reports, and educational resources to support investors in making informed investment decisions.
- Up Fintech has gained popularity for its user-friendly interface, technological innovation, and focus on serving the needs of international investors. The company aims to provide convenient and efficient access to global financial markets, particularly for individual investors in China who are interested in trading overseas securities.
What is fintech?
- Fintech, a combination of the words “financial” and “technology,” refers to businesses that use technology to automate or enhance financial services and processes. This is a rapidly growing industry that serves the interests of both consumers and businesses in multiple ways.
- These fintech companies are making their profit by using technology to offer financial services to consumers and businesses. They are able to offer these services at a lower cost than traditional financial institutions. They are also able to reach a larger audience through the use of technology, which makes outreach and communication much quicker and easier.
Who owns UP Fintech and when/where was it started?
- UP Fintech Holding is not owned by hedge funds. The company’s CEO Tianhua Wu is the largest shareholder with 15% of shares outstanding.
- The company was founded in 2014 and is based in Beijing, China
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in UP Fintech during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is August 21, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group is a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations, such as in this current case. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against UP Fintech are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
ABOUT US
For more information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com. Atara is Principal at Twersky Law Group and of counsel at AF&T Law Firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries, listen to Atara ’s Pension and Investments Podcast with notable guests in the pension fund Industry that discusses various matters relating to investment portfolios. For more information on Atara and her legal work pertaining to shareholder protection click here.
