Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform Futu Stock investors about a significant development in the form of a class action lawsuit against Futu Holdings Limited (“Futu” or “the Company) (NASDAQ: FUTU) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Futu securities from April 27, 2020, through March 16, 2023 (the “Class Period”). Investors who acquired Futu 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 11, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Futu 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
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) Futu’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 falsely 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 FUTU HOLDINGS LIMITED
What is Futu?
- Futu Holdings Limited is a Chinese financial technology company that provides online brokerage and wealth management services. The company was founded in 2012 by Leaf Hua Li, and it is headquartered in Hong Kong. Futu Holdings operates through its subsidiaries. These subsidiaries include Futu Inc. and Futu Singapore. Futu Holdings offers a mobile and online trading platform called Futu NiuNiu, and this platform allows users to trade stocks, options, and other financial instruments in various global markets, including the United States, Hong Kong, and China. The platform provides real-time market data, research analysis, and other features to its users in an effort to help investors make informed trading decisions.
Is Futu like Robinhood?
- In terms of a comparison to Robinhood, both Futu Holdings and Robinhood are online brokerage platforms that provide users with the ability to trade stocks and other financial instruments. However, there are some differences between the two platforms. Futu Holdings primarily operates in the Asian market, while Robinhood is focused on the United States. Additionally, there may be differences in the features, services, and regulations governing these platforms. It’s important to review the specific offerings of each platform to determine which one aligns with your investment needs and preferences.
Who is Futu owned by?
- Futu Holdings Limited is owned by its shareholders, who hold the company’s publicly traded shares. The largest shareholders can be institutions, mutual funds, or individual investors, depending on the distribution of the company’s shares.
Is Futu Holdings a buy or sell?
- Futu has received a consensus rating of Hold. The company’s average rating score is 2.00, and is based on 3 buy ratings, 1 hold rating, and 3 sell ratings. In the stock market, a “hold” rating is a recommendation or opinion provided by financial analysts or brokerage firms regarding a particular stock. A hold rating typically suggests that the analyst believes the stock is expected to perform in line with the market average or that there is limited potential for significant price appreciation or decline in the near term.
JOIN THIS CASE
It is crucial 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 Futu 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 11, 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, 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. 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 Futu Holdings Limited 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.