The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of UP Fintech Holding Limited Investors (TIGR)
LOS ANGELES--(BUSINESS WIRE)--Dec 23, 2019--
The Law Offices of Frank R. Cruz (“FRC”) announces that a class action lawsuit has been filed on behalf of UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR) (a) UP Fintech American Depository Shares (“ADSs”) pursuant and/or traceable to the Company’s initial public offering (“IPO”) conducted on or about March 20, 2019; or (b) UP Fintech securities between March 17, 2019 and May 16, 2019, inclusive (the “Class Period”). UP Fintech Holding Limited investors have until January 6, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
In March, 2019, UP Fintech completed its IPO in which it sold over 14.95 million ADSs for $8.00 per share.
On May 17, 2019, the Company announced its first quarter 2019 financial results and disclosed a 4.1% decrease in commissions. Moreover, the Company revealed that its operating costs skyrocketed by over 36%, citing increases in expenses related to employee headcount, employee compensation, office space, and leasehold improvements.
On this news, the Company’s ADS price fell $1.21 per share, or over 17%, to close at $5.77 per share on May 17, 2019, thereby injuring investors. Since the IPO, UP Fintech ADSs have traded as low as $4.18 per share, or 48% below the IPO price.
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If you purchased UP Fintech securities during the Class Period, you may move the Court no later than January 6, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased UP Fintech securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of FRC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2019.
PUB: 12/23/2019 08:07 PM/DISC: 12/23/2019 08:07 PM