According to the Complaint, UP Fintech Holding Limited ("Fintech") provides online brokerage services focusing on Chinese investors and has developed a purported brokerage platform that can be accessed through its app and website.
On February 22, 2019, Fintech filed a registration statement on Form F-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on March 19, 2019 (the “Registration Statement”). The Registration Statement was filed with respect to the underlying Class A ordinary shares represented by the ADSs to be sold in the IPO.
On March 20, 2019, Fintech filed a prospectus for the IPO on Form 424B4, which incorporated and formed part of the Registration Statement (collectively, the “Offering Documents”). That same day, Fintech announced the pricing of its IPO of 13 million ADSs, each representing fifteen Class A ordinary shares of the Company, at $8.00 per ADS. The ADSs began trading the same day on the Nasdaq Global Select Market under the symbol “TIGR.” Fintech raised $104 million in proceeds from the IPO.
The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Additionally, throughout the Class Period, the Complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.
On January 24, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 24.