Robbins LLP is Investigating Allegations that Webull Corporation (BULL) Falsely Marketed Itself as a U.S.-based Company and Claimed Customer Data was Isolated from Non-U.S. Access

Robbins LLP informs investors that a class action was filed on behalf of persons or entities who purchased or otherwise acquired Webull Corporation (NASDAQ: BULL) securities between April 26, 2025 and October 6, 2026, inclusive (the “Class Period”). Webull operates as a digital investment platform.

Why Was Webull Sued?

According to the complaint, Webull's Class A ordinary shares began trading on April 11, 2025, following the completion of the Company's business combination with SK Growth Opportunities, a special purpose acquisition company.

The complaint alleges that, during the Class Period, defendants failed to disclose:

(1) Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on PRC-based personnel and on infrastructure subject to Chinese law;

(2) Webull’s ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were structurally tied to China;

(3) as a result, Webull’s representations that its principal business operations were based in the U.S. and that its U.S. customer data was insulated from non-U.S. access materially overstated the Company’s independence from the PRC; and

(4) as a result, defendants’ statements about Webull’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Why Did Webull Stock Drop?

Plaintiff alleges that on October 7, 2026, before the markets opened, CNBC reported that the Select Committee had found a “profound gap” between Webull’s presentation of itself as an American company and its actual control and operations. According to the report, the Select Committee found that “Webull’s ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the People’s Republic of China.”

The Select Committee also reportedly found that Webull initially told the Select Committee that it had no offices or employees in China, while Webull’s mainland China subsidiary in fact had approximately 863 employees, or 62% of Webull’s global workforce.

On this news, Webull’s Class A ordinary shares fell $1.39 per share, or approximately 19%, to close at $5.89 per share on October 7, 2026, on unusually heavy trading volume.

Who May Be Eligible to Participate in the Webull Corporation Class Action?

The lawsuit seeks to represent investors who purchased or otherwise acquired Webull Corporation securities between April 26, 2025 and October 6, 2026. Investors who suffered losses during that period may have legal rights under the federal securities laws. Submit a form for information.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.