Chinese Fintech Co. Dodges Investor IPO Suit

Law360 (March 17, 2021, 7:18 PM EDT) -- Chinese company UP Fintech Holding Ltd. no longer faces a proposed class action alleging the company misrepresented its financials in advance of its 2019 initial public offering, a federal judge in Manhattan decided Wednesday.

In his order, U.S. District Judge Jesse M. Furman dismissed the latest version of the securities fraud suit, finding that omissions cited by the plaintiff investors in the company's public filings wouldn't have been "material" to reasonable investors.

According to Judge Furman, when the company's public filings were considered as a whole and all reasonable inferences were drawn in the investors' favor, "the court concludes that any...

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