Futu Holdings Limited (FUTU)

Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Futu Holdings Limited (“Futu” or “the Company”) (NASDAQ: FUTU). Investors who purchased Futu securities are encouraged to obtain additional information and assist the investigation.  

The investigation concerns whether Futu has violated federal securities laws.

On May 16, 2023, the Wall Street Journal published an article entitled “Two Trading Apps That Allowed Chinese Citizens to Invest Overseas Get Pulled From China.”  The article reported that “Futu Holdings and Up Fintech Holding, known as Tiger Brokers, are planning to remove apps from online stores in China that allow their customers to trade stocks overseas,” and that “Futu . . . would remove its Futubull app in the country starting Friday, and that existing clients in mainland China can still make trades on the app afterward[.]”  On this news, Futu’s American depositary receipt (“ADR”) price fell $1.91 per ADR, or 4.43%, to close at $41.24 per ADR on May 16, 2023.  Then, on May 18, 2023, J.P. Mogan analyst Katherine Lei downgraded Futu to Neutral from Overweight, citing the Company’s decision to remove its app from China app markets, opining that the stock decline following the announcement had not factored in the potential revenue decline from existing clients in China.  On this news, Futu’s stock price fell $2.76 per ADR, or 6.66%, to close at $38.66 per ADR on May 18, 2023.

If you are aware of any facts relating to this investigation or purchased Futu shares, you can assist this investigation.  You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484. 

Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits.  The firm has recovered hundreds of millions of dollars for investors nationwide.  Attorney advertising. Prior results do not guarantee similar outcomes.