Important Information Regarding Section 20(a) Individual Liability Claims: the lawsuit charges that CEO Tianhua Wu and CFO John Fei Zeng certified three annual reports describing CSRC rectification while UP Fintech subsidiaries allegedly kept running unlicensed securities business in mainland China
NEW YORK, Nov. 02, 2026 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP alerts investors in UP Fintech Holding Limited (NASDAQ: TIGR) that a pending securities class action names Chief Executive Officer Tianhua Wu and Chief Financial Officer John Fei Zeng as individual defendants. The action was brought on behalf of purchasers between April 22, 2024 and June 2, 2026. Find out if you may be eligible to recover losses, or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
TIGR American Depositary Shares lost $1.48 each, or 25.3%, on May 22, 2026. That was the day the Company announced regulatory penalties, including a warning and a personal RMB 1.25 million penalty against Mr. Wu. Further declines of $0.20 and $0.30 per ADS on June 2 and June 3 left the shares at $4.67, and the window to apply for lead plaintiff closes on December 28, 2026.
Two Signatures, Three Annual Reports
The pleading asserts that Mr. Wu and Mr. Zeng signed Sarbanes-Oxley certifications attached to UP Fintech’s Form 20-F annual reports filed April 22, 2024, April 23, 2025, and April 24, 2026. Certifications under Sections 302 and 906 of that Act make signing officers personally accountable for the accuracy of a company’s periodic reports.
Each report described rectification steps taken after a September 2016 CSRC notice. Each also described ongoing cooperation to satisfy the December 30, 2022 CSRC 1230 Notice. As averred, those passages understated regulatory risk and overstated rectification efforts because the subsidiaries’ unlicensed mainland activity allegedly continued.
“Corporate officers have a duty to ensure their companies’ public statements are accurate and complete. The complaint alleges that the same two executives certified three consecutive annual reports describing rectification while unlicensed mainland business allegedly continued.” — Joseph E. Levi, Esq.
CEO and CFO Control Person Liability Under Section 20(a)
The complaint charges the two officers as controlling persons. Count II of the action rests on these allegations:
- Certification duty: Both executives allegedly attested to the accuracy of financial reporting and the disclosure of all fraud in each of the three annual reports.
- Day-to-day control: Each allegedly helped manage the Company at the highest levels and was involved in drafting, reviewing, or disseminating the challenged risk disclosures.
- Control over content: Because of their senior positions, they allegedly controlled the reports, press releases, and public filings UP Fintech issued throughout the Class Period.
- Controlling person status: The Company’s own May 22, 2026 announcement described Mr. Wu as a director, the CEO, and the “controlling person” of UP Fintech.
- Joint and several exposure: The action seeks damages against all defendants, jointly and severally, together with interest.
Submit your information to learn more or call (212) 363-7500.
Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the TIGR Lawsuit
Q: What court was the TIGR class action filed in? A: The case was filed in the United States District Court for the District of New Jersey, governed by the Private Securities Litigation Reform Act of 1995.
Q: Who are the defendants named in the TIGR lawsuit? A: The complaint names UP Fintech Holding Limited and individual defendants including senior executives Tianhua Wu and John Fei Zheng, who allegedly signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.
Q: What is the TIGR class action lawsuit about? A: A securities class action has been filed against UP Fintech Holding Limited (NASDAQ: TIGR) alleging materially false and misleading statements between April 22, 2024 and June 2, 2026. Shares fell sharply after the Company disclosed that the CSRC Beijing Bureau found its subsidiaries had conducted unlicensed cross-border securities business in mainland China and imposed penalties and confiscations of approximately RMB 411 million. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.
Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.
Q: What if I already sold my TIGR shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.
Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.
Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor’s country of residence.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
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