SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Futu Holdings Limited – FUTU
NEW YORK, June 17, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ: FUTU). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Futu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 28, 2021, The Wall Street Journal published an article entitled “Chinese Online Broker Shares Dropper After Criticism From Central Bank”, which reported, in part, that “[a] senior official at China’s central bank said cross-border online brokerages operating in mainland China were acting illegally[.]” On this news, Futu’s American depositary share (“ADS”) price fell $8.55 per ADS, or 12.75%, to close at $58.47 per ADS on October 28, 2021.
On December 17, 2021, Reuters published an articled entitled “Next in China regulatory crackdown: online brokers-sources”, reporting, in relevant part, that “Chinese officials are planning to ban online brokerages such as Futu Holdings Ltd . . . from offering offshore trading services to mainland clients[.]” On this news, Futu’s ADS price fell $0.45 per ADS, or 1.15%, to close at $38.63 per ADS on December 20, 2021.
On December 30, 2022, The Wall Street Journal published an article entitled “China Regulator Says Futu, Up Fintech Violated Laws”. The article reported, in relevant part, that “China’s securities regulator said two Nasdaq-listed online brokers violated its domestic laws by allowing customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies.” On this news, Futu’s ADS price fell $18.26 per ADS, or 31%, to close at $40.65 on December 30, 2022.
Finally, on May 16, 2023, Reuters published an article entitled “Two online brokerages to remove China apps as Beijing data crackdown widens”. The article reported that Futu would “remove [its app] in mainland China amid Beijing’s sharpened focus on data security and capital outflows[.]” On this news, Futu’s ADS price fell $1.91 per ADS, or 4.4%, to close at $41.24 per ADS on May 16, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980