UP Fintech Holding Limited
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If you suffered a loss on your UP Fintech Holding Limited investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filling out this form mean you have joined any lawsuit.
Background
On May 22, 2026, Reuters published an article reporting that the China Securities Regulatory Commission, along with seven other government agencies including the central bank, had launched a crackdown aimed at “brokers it accused of illegally moving money to foreign markets” including “overseas firms and their local partners operating without approval.” The article reported "online brokers Tiger, Futu and Longbridge would be penalised for soliciting business in China without an onshore licence, the securities regulator said." The article identified Tiger’s parent company as UP Fintech Holding.
On this new, UP Fintech’s stock price fell $1.48, or 25.34%, to close at $4.36 per share on May 22, 2026, thereby injuring investors.
Then, on June 2, 2026, before market open, the Company issued a press release entitled “UP Fintech Holding Limited Reports Unaudited First Quarter 2026 Financial Results.” The article contained the following statement from Tianhua Wu, a director and CEO of the Company, “Net loss and non-GAAP net loss attributable to UP Fintech for the quarter were $26.9 million and $23.8 million, versus net income of $30.4 million and $36.0 million in the same quarter last year. Recently on May 22, the Beijing Bureau of the China Securities Regulatory Commission (CSRC) issued administrative penalties and ordered the confiscation of illegal gains against certain subsidiaries of the Company, with a total amount of approximately RMB 411 million (equivalent to roughly $59.7 million). “
On this news, UP Fintech stock fell $0.20, or 3.86%, to close at $4.97 on June 2, 2026. The following day, UP Fintech stock fell a further $0.30, or 6%, to close at $4.67 on June 3, 2026, thereby further injuring investors.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) UP Fintech materially understated its legal and regulatory risk, considering its continued illegal activity in China; and (2) as a result, defendants' statements about UP Fintech's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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