Futu Holdings Faces Securities Class Action Lawsuit from Shareholders in the US

Odaily reported that Futu Holdings is facing a securities class action lawsuit filed by shareholders in the United States. A certain investor recently filed a securities class action lawsuit in the U.S. District Court for the Southern District of New York, alleging that Futu Holdings, its founder, Chairman and CEO Li Hua, as well as CFO Chen Yu, violated the anti-fraud and control person liability provisions of the U.S. Securities Exchange Act of 1934.

Previously, market makers Susquehanna International Group and Citadel Securities had already sued options insider traders at Futu Holdings and Tiger Brokers. It is reported that Li Hua, who came from the Tencent system, is the 18th founding employee of Tencent. He was an early participant in the development of Tencent QQ, the founder of Tencent Video, and also served as the head of Tencent's multimedia business and innovation center.