Shareholder rights law firm Robbins LLP announced on October 27, 2026, that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired UP Fintech Holding Limited (NASDAQ:TIGR) securities between April 22, 2024 and June 2, 2026.

Key Highlights

  • Class Period: The lawsuit covers purchasers of UP Fintech securities between April 22, 2024 and June 2, 2026, inclusive, according to the filing.
  • Regulatory Penalties: The CSRC Beijing Bureau imposed administrative penalties totaling approximately RMB308.1 million and confiscation of illegal income of approximately RMB103.1 million against certain UP Fintech subsidiaries, as stated in the filing.
  • CEO Penalty: Director, CEO, and controlling person Tianhua Wu received a personal warning and a penalty of RMB1.25 million, according to the complaint.
  • ADS Price Drop: On May 22, 2026, UP Fintech ADSs fell $1.48 per ADS, or 25.3%, closing at $4.36, the filing disclosed.
  • China Client Asset Exposure: As of the end of 2025, retail client assets in mainland China under the company's consolidated accounts constituted approximately 10% of total client assets, per the filing.
  • Total Penalty Amount: UP Fintech's first quarter 2026 announcement stated total penalties and confiscation of illegal gains were approximately RMB 411 million, equivalent to roughly $59.7 million, as quoted in the filing.

Allegations Against UP Fintech and Sequence of Market Events

Robbins LLP, a San Diego-based shareholder rights law firm, disclosed that a class action complaint has been filed against UP Fintech Holding Limited. According to the filing, the complaint alleges that during the class period, defendants failed to disclose that UP Fintech "materially understated its legal and regulatory risk, considering its continued illegal activity in China," and that statements about the company's business, operations, and prospects were "materially false and misleading and/or lacked a reasonable basis at all relevant times."

The filing states that on May 22, 2026, UP Fintech filed a Form 6-K with the SEC disclosing that the CSRC Beijing Bureau had "initiated an investigation into their suspected illegal operations of securities, fund and futures business, and found that these subsidiaries had conducted unlicensed cross-border securities business and illegal activities relating to the fund and futures business in mainland China." Following that disclosure, UP Fintech ADSs fell $1.48 per ADS, or 25.3%, closing at $4.36 on May 22, 2026.

Then, on June 2, 2026, UP Fintech reported unaudited first quarter 2026 financial results, which the filing describes as including "increased net loss and non-GAAP net loss from the same quarter last year." The results also referenced the May 22 CSRC penalties totaling approximately RMB 411 million. On June 2, 2026, ADSs fell $0.20 per ADS, or 3.86%, closing at $4.97. The following day, June 3, 2026, ADSs declined a further $0.30 per ADS, or 6%, closing at $4.67, according to the filing.

What Was Disclosed

Robbins LLP announced a securities class action against UP Fintech Holding Limited covering April 22, 2024 through June 2, 2026, alleging undisclosed illegal operations in China that resulted in regulatory penalties and ADS price declines.