Kirby McInerney LLP, a New York based plaintiffs' law firm, is investigating possible violations of federal securities laws by Futu Holdings Limited, the firm announced June 9.
The investigation follows Futu's May 22 disclosure that it received a notice of investigation and an administrative penalty pre notification letter from the China Securities Regulatory Commission and its Shenzhen bureau. The company said the notice relates to its operations in mainland China.
After the announcement, Futu's stock price dropped by $34.10 per share, or roughly 28%, from $123.86 on May 21 to close at $89.76 on May 22.
No lawsuit has been filed. The investigation is ongoing to determine whether claims can be brought under federal securities laws. The firm is asking investors who purchased Futu securities to contact them.
Originally reported by Caledonian Record.
Photo: Andres Daza via Pexels. Photo is illustrative and not from the scene.
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