” . . on August 26, 2019, UP Fintech’s stock price dropped by more than 11%, causing harm to investors”
A US class action law firm is investigating the float of the Fintech-driven New Zealand company Tiger Brokers (NZ) Limited (TBNZ) which was set up “to enable Kiwi investors dip their toes into multiple world’s most liquid equity markets and build diversified global portfolios.”
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The parent company of TBNZ, UP Fintech Holding Limited, known as Tiger Brokers in Asia, was listed on Nasdaq this March.
The release from the law firm, Gibbs Law Group is set out below:
Gibbs Law Group Investigates Potential Securities Law Violations
UP Fintech Holding Limited shares fell after the company announced its second quarter financial results. Gibbs Law Group is investigating a potential UP Fintech Class Action Lawsuit on behalf of investors who lost money in UP Fintech Holding Limited (NASDAQ: TIGR) stock.
UP Fintech Holding Limited, known as “Tiger Brokers” in Asia, is an online brokerage firm focusing on global Chinese investors. On March 20, 2019, UP Fintech conducted its initial public offering, selling 13 million American depositary receipts priced at $8.10 a share and raising $104 million in new capital. Since the IPO, UP Fintech’s share price has fallen sharply, closing at of $4.50 per share on August 26, 2019.
On August 23, 2019, on an investor conference call to discuss the second quarter financial results, CFO John Zeng admitted, “[T]rading volume actually slowed down a little bit because the market activity slows down. So the activities also slowed down a little bit on our platform.”
Following this news, on August 26, 2019, UP Fintech’s stock price dropped by more than 11%, causing harm to investors.
What Should UP Fintech Investors Do?
If you invested in UP Fintech Holding Limited, visit our website or contact our securities team directly at (888) 410-2925 to speak privately with a securities attorney to learn how you may be able to recover your losses. Our investigation concerns whether UP Fintech Holding and certain of its officers and/or directors have violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”