The investigation stems from reports that Chinese regulators intend to penalize online brokers for soliciting business without proper onshore licensing. Reuters reported that firms including Tiger, Futu, and Longbridge faced scrutiny for allegedly moving capital to foreign markets illegally. Following the announcement, UP Fintech's American Depositary Shares experienced a sharp decline in value during U.S. premarket trading.
The Rosen Law Firm is currently seeking investors who purchased TIGR securities to join a potential class action suit. The firm operates on a contingency fee basis, meaning participants do not incur out-of-pocket costs for legal representation. Interested shareholders are directed to contact Phillip Kim at 866-767-3653 or via the firm’s website to discuss recovery options.
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