LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz (“FRC”) announces an investigation on behalf of UP Fintech Holding Limited (“UP Fintech” or the “Company”) (NASDAQ: TIGR) investors concerning the Company and its officers’ possible violations of federal securities laws.
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In March, 2019, UP Fintech completed its IPO in which it sold over 14.95 million ADSs for $8.00 per share.
On May 17, 2019, the Company announced its first quarter 2019 financial results and disclosed a 4.1% decrease in commissions. Moreover, the Company revealed that its operating costs skyrocketed by over 36%, citing increases in expenses related to employee headcount, employee compensation, office space, and leasehold improvements.
On this news, the Company’s ADS price fell $1.21 per share, or over 17%, to close at $5.77 per share on May 17, 2019, thereby injuring investors. Since the IPO, UP Fintech ADSs have traded as low as $4.18 per share, or 48% below the IPO price.
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If you purchased UP Fintech securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of FRC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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