Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of UP Fintech Holding Limited Investors
LOS ANGELES--(BUSINESS WIRE)--Nov 8, 2019--
Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired 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 20, 2019 and May 16, 2019, inclusive (the “Class Period”). UP Fintech 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.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com.
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.
The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that before and/or at the time of the IPO, the Company was experiencing a material decrease in commissions because of a negative trend related to risk-averse investors in the market; (2) that the Company 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; (3) that, as a result of the foregoing, the Company significantly increased its operating costs and expenses and net loss attributable to the Company; and (5) that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased UP Fintech ADSs in the IPO and/or 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20191108005093/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/08/2019 11:00 AM/DISC: 11/08/2019 11:01 AM