# Robbins LLP Files UP Fintech Class Action Over RMB411 Million in China Penalties

> Robbins LLP filed a class action against UP Fintech Holding over alleged unlicensed cross-border securities business in China and RMB411 million in penalties.

- Published: 2026-10-27T01:19:26+00:00
- Section: Legal & Disputes
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-27/robbins-up-fintech-class-action
- Source: [Business Wire](https://www.businesswire.com/news/home/20261026388409/en/)

## Key takeaways

- Robbins LLP filed a class action on behalf of UP Fintech Holding investors who bought securities between April 22, 2024 and June 2, 2026.
- The complaint cites CSRC Beijing Bureau penalties of approximately RMB308.1 million and confiscation of illegal income of approximately RMB103.1 million.
- UP Fintech ADSs fell $1.48 per ADS, or 25.3%, to close at $4.36 on May 22, 2026.

[Robbins](https://akta.pro/company-profiles/0005u53/robbins) LLP filed a class action on behalf of investors who purchased or otherwise acquired UP Fintech Holding Limited securities between April 22, 2024 and June 2, 2026, the firm said in a [Business Wire](https://www.businesswire.com/news/home/20261026388409/en/) announcement. The complaint cites regulatory penalties totaling about RMB411 million and a 25.3% stock drop on May 22, 2026.

## Robbins Alleges Unlicensed China Securities Business

Robbins LLP is a San Diego-based complex litigation law firm founded in 2002 that represents shareholders, institutional investors, whistleblowers and consumers in securities fraud, shareholder derivative, antitrust and consumer class actions on a contingency fee basis, according to [company records](https://akta.pro/company-data). The complaint alleges that [UP Fintech Holding](https://akta.pro/company-profiles/006dif7/up-fintech-holding) conducted unlicensed cross-border securities business and illegal activities relating to the fund and futures business in mainland China.

The complaint alleges that during the class period the defendants failed to disclose that UP Fintech materially understated its legal and regulatory risk given its continued illegal activity in China, and that statements about its business, operations and prospects were materially false and misleading or lacked a reasonable basis.

According to the complaint, UP Fintech filed a Current Report on Form 6-K with the SEC on May 22, 2026, stating that certain subsidiaries had received notices from the China Securities Regulatory Commission Beijing Bureau indicating an investigation into suspected illegal operations of securities, fund and futures business. The CSRC Beijing Bureau found the subsidiaries had conducted unlicensed cross-border securities business and imposed administrative penalties of approximately RMB308.1 million and confiscation of illegal income of approximately RMB103.1 million. Tianhua Wu, a director and the CEO and controlling person of the company, received a warning and penalty of RMB1.25 million. As of the end of 2025, retail client assets in mainland China under the company's consolidated accounts constituted approximately 10% of total client assets.

UP Fintech ADSs fell $1.48 per ADS, or 25.3%, to close at $4.36 on May 22, 2026. On June 2, 2026, UP Fintech announced unaudited first quarter 2026 financial results including increased net loss and non-GAAP net loss from the same quarter last year, and stated that the CSRC Beijing Bureau had issued administrative penalties and ordered confiscation of illegal gains against certain subsidiaries with a total amount of approximately RMB411 million, equivalent to roughly $59.7 million. UP Fintech ADSs fell $0.20 per ADS, or 3.86%, to close at $4.97 on June 2, 2026, and fell a further $0.30 per ADS, or 6%, to close at $4.67 on June 3, 2026.

"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.

## Robbins' Litigation Record

Robbins LLP has helped shareholders recover more than $1 billion of value through litigation, settlements and corporate governance reforms, according to akta.pro company records. The firm was founded in 2002 and has nearly two decades of shareholder and consumer rights litigation experience. Aggregate settlements in securities class actions totaled $3.8 billion in 2024, with the firm acting as a plaintiff-side litigant in these cases rather than a recipient.

## Earlier Robbins Class Actions

Robbins LLP informed investors of a class action against D-Wave Quantum Inc. for securities fraud, alleging overstated business and financial prospects, FinancialContent Business Page reported in October 2026. Robbins LLP informed investors of a class action against Triller Group Inc. over an alleged failure to disclose an inability to file SEC reports, with the complaint citing accounting issues and a stock drop of 91.35% to $0.32, FinancialContent Business Page reported in October 2026. Robbins LLP urged Celsius Holdings stockholders who lost money during the class period to contact the firm about leading the securities class action, FinancialContent Business Page reported in September 2026.

## Lead Plaintiff Appointment Process

Investors who purchased or otherwise acquired UP Fintech Holding Limited securities during the class period may be eligible to serve as lead plaintiff, a court-appointed investor who represents the interests of all class members throughout the litigation. Stockholders who wish to seek appointment should contact Robbins LLP for information about the appointment process. Shareholders do not need to serve as lead plaintiff to share in any potential recovery, and investors who do not seek appointment may remain absent class members.

## Companies in this story

- [Robbins company profile](https://akta.pro/company-profiles/0005u53/robbins) · website: https://www.robbinsllp.com
- [UP Fintech Holding company profile](https://akta.pro/company-profiles/006dif7/up-fintech-holding) · website: https://ir.itigerup.com

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