Law firm files Futu securities class action, sets August 25, 2026 lead plaintiff deadline

Kessler Topaz Meltzer & Check said a securities class action has been filed against Futu Holdings Limited on behalf of purchasers of its securities between May 24, 2023 and May 27, 2026. The lawsuit, filed in the U.S. District Court for the Southern District of New York as Tang v. Futu Holdings Limited, Case No. 1:26-cv-05453, alleges Futu was not in compliance with China Securities Regulatory Commission requirements because it continued conducting securities business, public fund sales business and futures business in mainland China without the requisite licenses or approval. The complaint alleges Futu therefore faced regulatory penalties including confiscation of illegal gains and fines, that its financial results were overstated, and that defendants’ positive statements about the company’s business, operations and prospects were materially misleading or lacked a reasonable basis. Investors seeking appointment as lead plaintiff have until August 25, 2026. The filing notice also points to Futu’s May 22, 2026 disclosure of a proposed penalty of about RMB1.85 billion and a proposed personal fine of RMB1.25 million on founder and CEO LI Hua, as well as a May 28, 2026 disclosure incorporating the proposed penalties into first-quarter 2026 results.