Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Up Fintech Holding Limited who purchased shares between March 20, 2019 and May 16, 2019.
Up Fintech and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 17, 2019, pre-market hours, the Company announced its 1Q2019 financial results including a 36% increase in total operating costs and expenses and a 60% increase in employee compensation and benefits, among other things.
On this news, the price of Up Fintech’s securities plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 6, 2020 to request that the court appoint them lead plaintiff.