LOS ANGELES, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 6, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR) investors who acquired: (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”).
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 shareholders@glancylaw.com, 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 (4) 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 or otherwise acquired UP Fintech securities during the Class Period, you may move the Court no later than January 6, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 shareholders@glancylaw.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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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com