The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of UP Fintech Holding Limited (NASDAQ: TIGR) who purchased (a) Fintech American Depository Shares pursuant and/or traceable to the Company’s initial public offering conducted on or about March 20, 2019; or (b) Fintech securities between March 20, 2019 and May 16, 2019, both dates inclusive. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Fintech lawsuit alleges 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.
Shareholders have until January 6, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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