Smith, Esquire, of Law Offices of Howard G. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Howard G. To be a member of the class action you need not take any action at this time you may retain counsel of your choice or take no action and remain an absent member of the class action. The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) Futu's business was, quite simply, illegal as it related to operations in China as a result of its failure to obtain the proper licenses (2) it did not fully disclose to investors that it was engaging in unlawful activity and instead falsely characterized the applicable Chinese laws as ambiguous (3) the foregoing subjected the Company to a heightened risk of regulatory enforcement and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. On this news, Futu's stock price fell $1.91, or 4.4%, to close at $41.24 per ADS on May 16, 2023, thereby injuring investors further. Then, on May 16, 2023, Reuters reported that Futu would be removing its app in mainland China. Then, on December 30, 2022, The Wall Street Journal published an 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." On this news, Futu's stock price fell $18.26, or 31%, to close at $40.65 per ADS on December 20, 2022.
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." On this news, Futu's stock price fell $0.45, or 1.2%, to close at $38.18 on December 18, 2021. Then, on December 17, 2021, after market hours, Reuters reported that "Chinese officials are planning to ban online brokerages such as Futu.
Smith to discuss their legal rights in this class action at 88 or by email to October 28, 2021, The Wall Street Journal published an article stating that " senior official at China's central bank said cross-border online brokerages operating in mainland China were acting illegally," and specified that Futu " prospective clients in mainland China to open trading accounts in Hong Kong." On this news, Futu's stock price fell $8.55, or 12.8%, to close at $58.47 per ADS on October 28, 2021, thereby injuring investors.
Investors suffering losses on their Futu investments are encouraged to contact the Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Futu Holdings Limited ("Futu" or the "Company") (NASDAQ: FUTU).
BENSALEM, Pa., J/PRNewswire/ - Law Offices of Howard G.
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