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Dec 7, 2026
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The filed complaint alleges that Webull Corporation made materially false and/or misleading statements and/or failed to disclose that: (1) Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on PRCbased personnel and on infrastructure subject to Chinese law; (2) Webull’s ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were structurally tied to China; (3) as a result, Webull’s representations that its principal business operations were based in the U.S. and that its U.S. customer data was insulated from non-U.S. access materially overstated the Company’s independence from the PRC; and (4) as a result, defendants’ statements about Webull’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 Webull Corporation securities within the class period described above and suffered losses may be eligible.
If you suffered a loss in Webull Corporation during the relevant time frame or pursuant to the relevant offering(s), you have until December 7, 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 that Webull made materially false and misleading statements by describing its mainland China operations as "limited to research and development and technical support functions" and its principal business operations as U.S.-based, while allegedly concealing that its core engineering, data pipelines, technology infrastructure, and the majority of its workforce were structurally tied to the People's Republic of China.
● The Stock Drop: On October 7, 2026, Webull's Class A ordinary shares fell $1.39 per share, or approximately 19%, to close at $5.89 per share on unusually heavy trading volume, after CNBC reported that a U.S. House Select Committee had found a "profound gap" between Webull's self-presentation as an American company and its actual control and operations.
● Class Period & Defendants: The class period runs from April 26, 2025 through October 6, 2026, inclusive. The named defendants are Webull Corporation, Anquan Wang (founder, Chief Executive Officer, and Chairman of the Board), and H.C. Wang (Chief Financial Officer).
● Lead Plaintiff Deadline: December 7, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.
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Webull Class Action Summary |
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Company |
Webull Corporation (NASDAQ: BULL) |
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Lead Plaintiff Deadline |
December 7, 2026 |
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Class Period |
April 26, 2025 – October 6, 2026 |
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Stock Drop |
October 7, 2026 – BULL fell $1.39 (19%) to $5.89 |
A securities class action lawsuit has been filed against Webull Corporation (NASDAQ: BULL). The plaintiff filed the case on behalf of investors who bought Webull securities. The class period runs from April 26, 2025 through October 6, 2026.
The complaint alleges that Webull made materially false and misleading statements about its ties to China. The company said its mainland China work was limited to research and technical support. The lawsuit claims its core engineering, data systems, and most of its workforce were actually tied to China.
According to the complaint, the alleged truth began to emerge on October 7, 2026. News reports said a House Select Committee found a wide gap between Webull's claims and its real operations. Webull's shares fell about 19% that day, closing at $5.89 per share. Investors who bought during the class period may have suffered losses.
Webull Corporation describes itself as a broker-dealer regulated in 12 major markets globally, with its U.S. broker-dealer operating as Webull Financial LLC. Incorporated in the Cayman Islands, the company maintains its principal U.S. executive offices in St. Petersburg, Florida, and its Class A ordinary shares trade on the NASDAQ under the ticker symbol "BULL," with redeemable warrants trading under "BULLW." Webull's Class A ordinary shares began trading on the NASDAQ on April 11, 2025, following the completion of a business combination with SK Growth Opportunities Corporation, a special purpose acquisition company.
April 26, 2025–October 6, 2026
Investors who purchased or acquired Webull Corporation (BULL) securities during the Class Period may be eligible to seek recovery under the federal securities laws.
The complaint centers on statements Webull made to investors about its connections to China. Across its 2024 Annual Report filed April 25, 2025, a Form F-1 Registration Statement filed July 18, 2025, and its 2025 Annual Report filed April 9, 2026, Webull repeatedly stated that it did not fall within the scope of laws targeting companies with connections to China. The company grounded this view in representations that its principal business operations were based in the U.S. and that its operations in mainland China were "limited to research and development and technical support functions."
According to the complaint, these representations were materially false and misleading. The lawsuit alleges that Webull's core platform, software development, data pipelines, and core engineering depended on PRC-based personnel and on technology infrastructure subject to Chinese law. The filing states that Webull's ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were all structurally tied to China, contrary to the company's claim that its principal business operations were based in the U.S.
The complaint further alleges that Webull's assurances about customer data were misleading. The company represented that the personally identifiable information of Webull Financial's U.S. customers could not be accessed by non-U.S. employees without permission and oversight from U.S. personnel. According to the lawsuit, Webull concealed that its technology infrastructure and cross-border data routing were tied to China, undermining those assurances. The complaint also alleges that Webull dismissed concerns raised by the U.S. House Select Committee as "largely based on outdated and inaccurate information" when those concerns were in fact well founded.
The lawsuit claims the Individual Defendants knew or recklessly disregarded these facts. Anquan Wang founded Webull, served as Chief Executive Officer and Chairman, and controlled approximately 79.2% of the company's total voting power. The complaint alleges that Webull's mainland China subsidiary, Hunan Weibu Information Technology Co., Ltd., employed 863 employees, or 62% of the global workforce, as of December 31, 2025, and that the location of the majority of the workforce and the infrastructure on which the platform depended concerned core operations necessarily known to the defendants.
Before markets opened on October 7, 2026, CNBC reported that the U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party had found a "profound gap" between Webull's presentation of itself as an American company and its actual control and operations. According to the report, the Select Committee found that Webull's ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks were tied in structural ways to the People's Republic of China.
The complaint states that the Select Committee also reportedly found that Webull had initially told the Committee it had no offices or employees in China, when its mainland China subsidiary in fact employed approximately 863 employees, or 62% of the company's global workforce. The complaint alleges these findings directly contradicted the company's prior representations that its China operations were limited to research and technical support and that its principal business operations were based in the U.S.
On this news, Webull's Class A ordinary shares fell $1.39 per share, or approximately 19%, to close at $5.89 per share on October 7, 2026, on unusually heavy trading volume. The complaint alleges that investors who purchased Webull securities during the class period suffered significant losses as the artificial inflation in the stock price dissipated following the decline.
● Lead Plaintiff Deadline: December 7, 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 Webull Corporation securities class action lawsuit alleges that the company made materially false and misleading statements about its connections to China. According to the complaint, Webull represented that its mainland China operations were "limited to research and development and technical support functions" and that its principal business operations were based in the U.S. The lawsuit claims that, in truth, Webull's core engineering, data pipelines, technology infrastructure, and the majority of its workforce were structurally tied to the People's Republic of China, materially understating the company's operational dependence on China and the related regulatory risk.
The defendants named in the complaint are Webull Corporation and two individual defendants. Anquan Wang is Webull's founder and has served as Chief Executive Officer and Chairman of the Board at all relevant times, controlling approximately 79.2% of the company's total voting power. H.C. Wang has served as Chief Financial Officer since February 2021 and as a director since August 2022. The complaint alleges that both individual defendants participated in the company's management and had knowledge of, or recklessly disregarded, the alleged misstatements.
The class period runs from April 26, 2025 through October 6, 2026, inclusive. Investors who purchased or acquired publicly traded Webull Corporation (BULL) securities during this period may be eligible to seek recovery under the federal securities laws. According to the complaint, the class includes persons and entities who acquired Webull securities on the NASDAQ during the class period and were damaged as a result of the alleged misrepresentations.
According to the complaint, Webull's Class A ordinary shares fell after CNBC reported on October 7, 2026, that a U.S. House Select Committee had found a "profound gap" between Webull's presentation of itself as an American company and its actual control and operations. The Select Committee reportedly found that Webull's ownership, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance frameworks were tied in structural ways to China. On this news, BULL fell $1.39 per share, or approximately 19%, to close at $5.89 per share.
The complaint alleges that the Select Committee found Webull's ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks were tied in structural ways to the People's Republic of China. According to the report, Webull had initially told the Select Committee it had no offices or employees in China, when its mainland China subsidiary in fact employed approximately 863 employees, representing 62% of the company's global workforce as of December 31, 2025.
The lead plaintiff deadline is December 7, 2026.
Investors who purchased or acquired Webull Corporation (BULL) securities during the class period may be eligible to participate in the securities class action lawsuit. Under the federal securities laws, investors who wish to seek appointment as lead plaintiff must apply by the applicable deadline. The lead plaintiff serves as a representative party who acts on behalf of other class members in directing the litigation. Investors who took no action may still remain members of the proposed class if the case proceeds.
The complaint alleges Webull Corporation made materially false and misleading statements about its ties to China, claiming its mainland China operations were limited to research and support when its core engineering, infrastructure, and most of its workforce were allegedly tied to the PRC.
The class period runs from April 26, 2025 through October 6, 2026, inclusive. Investors who purchased Webull (BULL) securities during this period may be eligible to seek recovery under the federal securities laws.
On October 7, 2026, Webull's Class A ordinary shares fell $1.39 per share, or approximately 19%, to close at $5.89 per share on unusually heavy trading volume after the Select Committee's findings were reported.
The lead plaintiff deadline is December 7, 2026.
Deadline
Dec 7, 2026