Futu Holdings Limited (NasdaqGM: FUTU)
Futu and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 16, 2023, news media reported that the Company was removing its Chinese apps due to a data security crackdown following warnings by Chinese regulators as early as 2021 citing illegality of serving Chinese clients via the internet without proper licensing.
On this news, shares of Futu fell $1.91 per ADS, or 4.4%, to close at $41.24 on May 16, 2023.
The case is Henry v. Futu Holdings Limited, et al., No. 23-cv-3222.