The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased UP Fintech Holding Limited (NASDAQ: TIGR) American Depository Shares pursuant and/or traceable to the Company’s initial public offering conducted on or about March 20, 2019; or Fintech securities between March 20, 2019 and May 16, 2019.
According to the Fintech lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Fintech was experiencing a material decrease in commissions because of a negative trend related to risk-averse investors in the market; (ii) Fintech was unable to absorb costs associated with the rapid growth of its business and its status as a publicly listed company on a U.S. exchange; (iii) Fintech was incurring significant additional expenses related to, inter alia, employee headcount and employee compensation and benefits; (iv) all of the foregoing had led to Fintech significantly increasing operating costs and expenses; and (v) as a result, the documents filed by the Company in connection with the initial public offering were materially false and/or misleading and failed to state information required to be stated therein, and the Company’s Class Period statements were likewise materially false and/or misleading.
If you suffered a loss in Fintech you have until January 6, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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