UP Fintech Holding Limited (TIGR) Allegedly Operated Illegally in China
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired UP Fintech Holding Limited (NYSE: TIGR) securities between April 29, 2020 and May 26, 2023. UP Fintech describes itself as “a leading integrated financial technology platform providing cross-market, multi-product investment experience for investors around the world.”
According to the complaint, defendants failed to disclose that: (1) UP Fintech’s business was 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; and (3) the foregoing subjected the Company to a heightened risk of regulatory enforcement. As a result of these wrongful acts, class members have suffered significant losses and damages.
What Now: Similarly situated shareholders may be eligible to participate in the class action against UP Fintech Holding Limited. Shareholders who want to act as lead plaintiff for the class must file their papers by August 21, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
