Class Action Lawsuit Filed Against Webull Corporation Following Congressional Investigation
Pomerantz LLP has announced a class action lawsuit against Webull Corporation (NASDAQ: BULL) following allegations of securities fraud and unlawful business practices. The legal action follows a report from the U.S. House of Representatives Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, which identified significant discrepancies in how Webull presented its corporate structure. The committee's findings revealed that despite presenting itself as an American company, Webull maintains structural ties to the People's Republic of China regarding ownership, technology infrastructure, and data routing. Notably, while Webull initially claimed to have no Chinese operations, a subsidiary was found to employ approximately 62% of its global workforce. Following these revelations on October 7, 2026, Webull's stock price plummeted by 19%.
Tickers: $BULL
Topics: Class Action Lawsuit Congressional Investigation Corporate Governance Securities Fraud