Another Law Firm Investigates Fintech for Alleged Violation Claims
The brokerage firm stock fell 11 percent earlier in the week, as it faces investigations from law firms in regards to claims from investors.
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Anthony Russo
Aug 29,2019,18:50

Up Fintech Holding Ltd. (Nasdaq: TIGR) added to its list of investigations from law firms, as Bronstein, Gewirtz & Grossman, the New York based law firm, was the latest to investigate the company for potential violations claimed by investors. 

Fintech, a brokerage firm based in Beijing, is under investigation that concerns whether certain officers and or directors of the company violated federal security laws, according to a statement released by Bronstein on Wednesday.

On top of the investigation Fintech will face from Bronstein, it’s also faced several other investigation claims from other law firms recently.Shareholder Rights Law Firm Johnson Fistel, LLP, the San Diego based firm, announced an investigation specifically towards the company’s initial public offering earlier this year in regards to untrue statements of material facts, in a statement last week. 

Pomerantz LLP, the firm based in New York, said it was investigating claims on behalf of investors regarding Fintech’s officers and/or directors engaging in security frauds or unlawful business practices, it said in a statement on Monday. Also another New York based law firm, Gibbs Law Group LLP will investigate potential claims against Fintech.

“If you lost money on UP Fintech Holding Limited, you may be eligible to recover losses,” the firm said in a statement on Monday concerning Fintech’s investors. 

According to Business Wire, Fintech’s stock depleted by more than 11 percent on Monday, following the investigations. Fintech shares traded down 1 percent, at $4.31 per share on Thursday afternoon.

Fintech released its second quarter earnings last week, which revealed revenue in three months June reached $12.9 million, up 88 percent year-over-year. Net loss narrowed to 1.9 million or 1 cent per American depositary share, from 36.3 million, or 1.14 per ADS, a year ago.

Fintech also listed itself in New York earlier this year and raised 104 million through the sale 13 million ADSs at a price $8 apiece.

Bronstein focuses on litigation claims from clients, as well as security class actions and individual security arbitration claims. Bronstein also filed a law suit against Sunnova Energy International Inc., (NYSE: NOVA) the Houston based solar energy company for a violation for violating federal security laws as well, according to the company’s statement on Thursday.

In addition Bronstein recently filed a law suit against ChinaCache International Holdings Ltd., (Nasdaq: CCIH) an internet content provider in China, for alleged violations under the Securities Exchange Act of 1934. ChinaCache along with Song Wang, former chief executive officer of the company were alleged with engaging enterprise bribery and making false and/or misleading statements, according to Bronstein’s statement earlier this month.


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