UP Fintech Holding Limited (NASDAQ: TIGR)

This lawsuit is for anyone who acquired securities in UP Fintech Holding Limited (NASDAQ: TIGR) from April 29, 2020 through May 16, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company complied with all applicable laws but then by allowing its mainland Chinese based customers to trade offshore in violation of Chinese law.

On December 30, 2022, The Wall Street Journal reported that the China Securities Regulatory Commission (“CSRC”) had issued a statement disclosing that UP Fintech “violated its domestic laws by allowing customers on the mainland to make cross-border trades,” and that the Company’s “act of offering offshore securities-trading services to clients in mainland China doesn’t comply with the country’s laws and regulations.” According to the article, the CSRC “had discussions with . . . Up Fintech’s senior executives in late 2021 and told them to comply with such laws.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on May 16, 2023, Reuters reported that the Company was removing its app from Chinese app stores, at the insistence of the Chinese Government, based on the government’s assertion that the Company was violating Chinese law.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in UP Fintech Holding Limited (NASDAQ: TIGR) from April 29, 2020 through May 16, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.