SAN FRANCISCO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges UP Fintech Holding Limited TIGR investors who suffered significant losses to submit your losses now.
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UP Fintech Holding Limited (TIGR) Investigation:
The investigation focuses on UP Fintech's statements about the sources and legality of its growth.
In the past, UP Fintech (which is known in Asia as Tiger Brokers) has thrived partly by allowing customers in mainland China to buy and sell U.S. and Hong Kong-listed stocks, has touted massive growth in trading volume, customer accounts, and client assets, and attributed such growth to "a high-caliber customer base with significant growth potential, engagement and stickiness."
UP Fintech's claims came into question beginning on Oct. 28, 2021, when The Wall Street Journal reported that a senior official at China's central bank "said cross-border online brokerages operating in mainland China were acting illegally."
Then on Dec. 30, 2022 the WSJ reported that the PRC's securities regulator said two Nasdaq-listed online brokers violated its domestic laws by allowing customers on the mainland 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 the PRC regulators are requiring the company to cease soliciting new PRC clients and customers who aren't allowed to open accounts. The WSJ further reported that about one year ago, in late 2021, PRC regulators warned UP Fintech senior executives regarding compliance with PRC laws governing mainland customer account openings.
This news drove the price of UP Fintech American Depositary Receipts sharply lower on Dec. 30, 2022.
"We're focused on investors' losses and whether UP Fintech may have misled investors about whether sources of its growth were legal and sustainable," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in UP Fintech and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding UP Fintech should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TIGR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving 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.
Reed Kathrein, 844-916-0895
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