The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey against Futu Holdings Limited (“Futu”) (NASDAQ: FUTU). The action charges Futu with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Futu’s materially misleading statements and omissions to the public, Futu’s investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: AUGUST 11, 2023
CLASS PERIOD: APRIL 27, 2020 THROUGH MAY 16, 2023
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
FUTU’S ALLEGED MISCONDUCT
On October 28, 2021, The Wall Street Journal published an article stating that “[a] senior official at China’s central bank said cross-border online brokerages operating in mainland China were acting illegally,” and specified that Futu “[directs] prospective clients in mainland China to open trading accounts in Hong Kong.” Following this news, Futu’s stock price fell $8.55, or 12.8%, to close at $58.47 per American Depositary Share (“ADS”) on October 28, 2021.
Then, on December 17, 2021, after market hours, Reuters reported that “Chinese officials are planning to ban online brokerages such as Futu . . . from offering offshore trading services to mainland clients, the latest development in a broad regulatory crackdown that has roiled a wide range of sectors over the past year.” Following this news, Futu’s stock price fell $0.45, or 1.2%, to close at $38.18 per ADS on December 18, 2021.
On December 30, 2022, The Wall Street Journal published another article stating that the China Securities Regulatory Commission had determined that Futu’s “act of offering offshore securities-trading services to clients in mainland China doesn’t comply with the country’s laws and regulations.” Following this news, Futu’s stock price fell $18.26, or 31%, to close at $40.65 per ADS on December 20, 2022.
Finally, on May 16, 2023, Reuters reported that Futu would be removing its app in mainland China. Following this news, Futu’s stock price fell $1.91, or 4.4%, to close at $41.24 per ADS on May 16, 2023.
WHAT CAN I DO?
Futu investors may, no later than August 11, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Futu investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Futu, captioned Jennifer Henry v. Futu Holdings Limited, et al and docketed under 23-cv-03222, is filed in the United States District Court for the District of New Jersey before the Honorable Brian R. Martinotti.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.