Gross Law Firm issues shareholder notice in Futu securities class action
The notice says the complaint alleges Futu made misleading statements and failed to disclose licensing and compliance issues in mainland China.
The Gross Law Firm on Aug. 4 issued a shareholder notice about a securities class action involving Futu Holdings Limited, the Nasdaq-listed company known by the ticker FUTU.
The notice says investors who bought FUTU shares during the class period, from May 24, 2023, through May 27, 2026, may contact the firm about possible lead plaintiff appointment. It also says lead plaintiff status is not required to take part in any recovery.
According to the notice, the complaint centers on claims that Futu made false or misleading statements about its business and compliance status. The notice says the allegations involve mainland China licensing and regulatory issues, which the complaint says may have affected the company’s financial results and outlook.
The complaint alleges Futu was not in compliance with China Securities Regulatory Commission requirements. It also alleges the company continued securities business, public fund sales business and futures business in mainland China without the required licenses or approval.
The notice says the complaint further alleges Futu was reasonably likely to face regulatory penalties, including disgorgement of ill-gotten gains and other penalties. It says the complaint claims the company’s financial results were overstated and that positive statements about its business, operations and prospects lacked a reasonable basis.
The shareholder alert sets Aug. 25, 2026, as the deadline to seek lead plaintiff appointment. It says there is no cost or obligation to participate and that registrants will receive portfolio monitoring updates during the case.
No response from Futu was included in the notice.
What happens next will depend on the progress of the case and whether investors move to seek lead plaintiff status before the Aug. 25 deadline, according to the notice.
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Editorial note: This article was prepared with AI assistance and includes source attribution for reader review.
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