LEAD PLAINTIFF DEADLINE IS JANUARY 6, 2020
NEW YORK, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased UP Fintech Holding Limited (TIGR) (“Fintech”) American Depositary Shares (“ADS”) pursuant to the Company’s initial public offering conducted on or about March 19, 2019 (the “IPO” or “Offering”) and/or between March 20, 2019 and May 16, 2019, inclusive (the “Class Period”).
Investors who purchased the ADS of UP Fintech Holding Limited are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the ADS of UP Fintech Holding Limited, you may, no later than January 20, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the ADS of UP Fintech Holding Limited.
On May 17, 2019, during pre-market hours, Fintech issued a press release announcing its unaudited first quarter 2019 financial results—the Company’s first quarterly earnings announcement following the IPO. In that press release, Fintech disclosed a 4.1% decrease in commissions, noting that “[i]nvestors were relatively risk averse at beginning of this year which leads to moderated trading activities and a slight decrease in trading commission.” The press release also disclosed, among other issues, that Fintech’s operating costs and expenses and net loss attributable to the Company had begun to skyrocket as a result of increases in expenses related to employee headcount, employee compensation and benefits, and office space and leasehold improvements, as well as rapid customer growth, expanded market data usage for its customers, and additional professional expenses as a publically listed company.
Specifically, with respect to Fintech’s drastically increasing operating costs and expenses and net loss attributable to the Company, the press release disclosed that total operating costs and expenses for the first quarter of 2019 increased by 36.4% to $14.0 million from $10.3 million in the first quarter of 2018, and that employee compensation and benefits increased by 60.8% from $4.9 million in the first quarter of 2018 to $7.8 million in the first quarter of 2019.
On this news, Fintech’s ADS price fell $1.21 per share, or 17.34%, to close at $5.77 per share on May 17, 2019.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
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