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Lead Plaintiff Deadline
Dec 28, 2026
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The filed complaint alleges that UP Fintech Holding Limited made materially false and/or misleading statements and/or failed to disclose that: (1) UP Fintech materially understated its legal and regulatory risk, considering its continued illegal activity in China, and (2) as a result, defendants’ statements about UP Fintech’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Investors who purchased or otherwise acquired UP Fintech Holding Limited securities within the class period described above and suffered losses may be eligible.
If you suffered a loss in UP Fintech Holding Limited during the relevant time frame or pursuant to the relevant offering(s), you have until December 28, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
● The Allegation: The complaint alleges UP Fintech materially understated its legal and regulatory risk given its continued illegal cross-border securities activity in China, while its annual reports portrayed its rectification efforts and compliance posture more favorably than the facts allegedly warranted.
● The Stock Drop: On May 22, 2026, TIGR ADSs fell $1.48 per ADS, or 25.3%, to close at $4.36 per share after the company disclosed a CSRC Beijing Bureau investigation and administrative penalties totaling roughly RMB 411 million; on June 2, 2026, TIGR ADSs fell $0.20 per ADS, or 3.86%, to close at $4.97 per share after first quarter results detailed the penalty impact, and the following day, June 3, 2026, TIGR ADSs fell a further $0.30 per ADS, or 6%, to close at $4.67 per share.
● Class Period & Defendants: The class period runs from April 22, 2024 through June 2, 2026, inclusive. The named defendants are UP Fintech Holding Limited, Tianhua Wu (Chief Executive Officer and director), and John Fei Zeng (Chief Financial Officer).
● Lead Plaintiff Deadline: December 28, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.
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UP Fintech Class Action Summary |
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Company |
UP Fintech Holding Limited (NASDAQ: TIGR) |
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Lead Plaintiff Deadline |
December 28, 2026 |
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Class Period |
April 22, 2024 – June 2, 2026 |
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Stock Drop |
May 22, 2026 – TIGR fell $1.48 (25.3%) to $4.36; June 2, 2026 – TIGR fell $0.20 (3.86%) to $4.97; June 3, 2026 – TIGR fell $0.30 (6%) to $4.67 |
A securities class action has been filed against UP Fintech Holding Limited (NASDAQ: TIGR). The case was brought on behalf of investors who purchased or otherwise acquired UP Fintech securities between April 22, 2024 and June 2, 2026.
The complaint alleges UP Fintech made materially false and misleading statements about its legal and regulatory risk. It claims the company kept running illegal cross-border securities business in China. It also claims the company overstated its efforts to fix that prior misconduct.
According to the complaint, the alleged misconduct began to be revealed in May 2026 when Chinese regulators announced significant penalties involving UP Fintech subsidiaries. TIGR ADSs dropped sharply across several trading days, and the complaint alleges that investors suffered significant losses following these disclosures.
UP Fintech Holding Limited describes itself as a leading integrated financial technology platform providing cross-market, multi-product investment services for investors around the world. Incorporated in the Cayman Islands with principal offices in Singapore, the company operates online brokerage services and maintains a U.S. subsidiary, TradeUP Securities Inc., in Roseland, New Jersey. Its American Depositary Shares trade on the Nasdaq Global Select Market under the ticker TIGR.
April 22, 2024–June 2, 2026
Investors who purchased or acquired UP Fintech Holding Limited (TIGR) securities during the Class Period may be eligible to seek recovery under the federal securities laws.
The complaint centers on UP Fintech, an online brokerage that describes itself as a leading integrated financial technology platform. The lawsuit names the company along with Chief Executive Officer Tianhua Wu and Chief Financial Officer John Fei Zeng, both of whom signed Sarbanes-Oxley certifications attesting to the accuracy of the company's financial reporting and disclosures throughout the class period.
According to the complaint, the alleged misrepresentations appeared in UP Fintech's annual reports on Form 20-F filed on April 22, 2024, April 23, 2025, and April 24, 2026. Those filings included risk disclosures describing the company's dealings with the China Securities Regulatory Commission (CSRC), including a December 30, 2022 notice (the CSRC 1230 Notice) stating the company had carried out cross-border securities business for Chinese mainland investors without approval. The filings described rectification measures the company said it had taken and represented that it was cooperating with regulators.
The complaint alleges these statements were materially false and misleading because they understated the company's regulatory risk given its continued illegal activity in China, and because they overstated its efforts to rectify prior misconduct. The lawsuit claims defendants failed to disclose that UP Fintech's ongoing conduct exposed it to substantial regulatory penalties.
The filing states that defendants knew or recklessly disregarded that these statements were false, and that as a result, the company's statements about its business, operations, and prospects lacked a reasonable basis at all relevant times.
The alleged truth began to surface before the market opened on May 22, 2026, when Reuters published an article reporting that China announced a major crackdown on cross-border investment and would punish brokers it accused of illegally moving money to foreign markets. The article identified Tiger, Futu, and Longbridge as targets for soliciting business in China without an onshore license, and reported that shares in Tiger parent UP Fintech fell more than 30% in U.S. premarket trade.
That same day, UP Fintech filed a Current Report on Form 6-K disclosing that certain subsidiaries had received notices from the CSRC Beijing Bureau concerning suspected illegal operations of securities, fund, and futures business. The company disclosed administrative penalties of approximately RMB 308.1 million and confiscation of illegal income of approximately RMB 103.1 million, and stated that CEO Tianhua Wu had received a warning and a penalty of RMB 1.25 million. The company also disclosed that retail client assets in mainland China constituted roughly 10% of its total client assets at the end of 2025.
The complaint alleges these disclosures directly contradicted the company's prior representations that it had taken necessary rectification measures and was cooperating with regulators. On June 2, 2026, the company issued its unaudited first quarter 2026 results, which reported a net loss and detailed the penalty totaling approximately RMB 411 million (roughly $59.7 million), characterizing it as a one-off expense that would not materially affect operations.
When the CSRC investigation and penalties were disclosed on May 22, 2026, UP Fintech ADSs fell $1.48 per ADS, or 25.3%, to close at $4.36. The decline continued after the company's first quarter results were released on June 2, 2026, when TIGR ADSs fell $0.20 per ADS, or 3.86%, to close at $4.97. The following day, June 3, 2026, the ADSs fell a further $0.30 per ADS, or 6%, to close at $4.67. The complaint links these declines to the May 22 and June 2 disclosures concerning the regulatory penalties and UP Fintech's cross-border business.
● Lead Plaintiff Deadline: December 28, 2026
● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.
● Defendants may file a motion to dismiss.
● If the case proceeds, the Court may later consider class certification.
Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes.
The lawsuit alleges that UP Fintech Holding Limited (NASDAQ: TIGR) made materially false and misleading statements about its legal and regulatory risk. According to the complaint, the company's annual reports understated the risk posed by its continued illegal cross-border securities activity in China and overstated its efforts to rectify prior misconduct. The filing claims investors were harmed after Chinese regulators disclosed an investigation and imposed substantial penalties on UP Fintech subsidiaries, followed by significant declines in the company's ADSs.
The proposed class consists of persons and entities who purchased or otherwise acquired publicly traded UP Fintech securities on NASDAQ between April 22, 2024 and June 2, 2026, inclusive, and who were damaged as a result. The complaint excludes the defendants, the company's officers and directors, their immediate families and legal representatives, and any entity in which the defendants have a controlling interest.
The complaint alleges that UP Fintech failed to disclose that it materially understated its legal and regulatory risk given its continued illegal activity in China. According to the complaint, the company's risk disclosures described rectification measures and cooperation with the China Securities Regulatory Commission but did not reflect the true extent of ongoing unlicensed cross-border securities business. As a result, the lawsuit claims defendants' statements about the company's business, operations, and prospects lacked a reasonable basis at all relevant times.
According to the complaint, UP Fintech ADSs fell $1.48 per ADS, or 25.3%, to close at $4.36 on May 22, 2026, after the company disclosed the CSRC Beijing Bureau investigation and penalties. The ADSs then fell $0.20 per ADS, or 3.86%, to close at $4.97 on June 2, 2026, following first quarter results, and fell a further $0.30 per ADS, or 6%, to close at $4.67 on June 3, 2026.
The defendants are UP Fintech Holding Limited and two individual defendants: Tianhua Wu, who served as Chief Executive Officer and a director at all relevant times, and John Fei Zeng, who served as Chief Financial Officer at all relevant times. The complaint alleges both individual defendants signed Sarbanes-Oxley certifications attesting to the accuracy of the company's financial reporting and disclosures during the class period.
According to the complaint, the CSRC Beijing Bureau imposed administrative penalties of approximately RMB 308.1 million and ordered confiscation of illegal income of approximately RMB 103.1 million, for a total of roughly RMB 411 million (approximately $59.7 million). The complaint states that CEO Tianhua Wu also received a warning and a personal penalty of RMB 1.25 million. The penalties stemmed from certain subsidiaries' unlicensed cross-border securities business and illegal activities relating to fund and futures business in mainland China.
The lead plaintiff deadline is December 28, 2026.
A lead plaintiff is a class member appointed by the court to represent the interests of the broader class in the securities litigation. The lead plaintiff typically works with counsel to direct the case. Investors who wish to seek appointment as lead plaintiff must apply by the deadline. Being a class member does not require serving as lead plaintiff, and investors who take no action may still be covered by the class if the case proceeds.
The lawsuit alleges UP Fintech (NASDAQ: TIGR) made materially false and misleading statements that understated its legal and regulatory risk tied to continued illegal cross-border securities activity in China.
Investors who purchased or acquired UP Fintech securities on NASDAQ between April 22, 2024 and June 2, 2026, inclusive, may be covered by the proposed class.
TIGR ADSs fell 25.3% to $4.36 on May 22, 2026, then fell 3.86% to $4.97 on June 2, 2026, and a further 6% to $4.67 on June 3, 2026.
The lead plaintiff deadline is December 28, 2026.
The defendants are UP Fintech Holding Limited, Chief Executive Officer Tianhua Wu, and Chief Financial Officer John Fei Zeng.
Deadline
Dec 28, 2026