The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of UP Fintech Holding Limited In...
December 23 2019 - 8:07PM
Business Wire
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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
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
fcruz@frankcruzlaw.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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191223005613/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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