Class Action Lawsuit Filed Against Webull Corporation Following Congressional Report on Chinese Ties
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 stems from a report by 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 found that while Webull marketed itself as an American company, its ownership, technology infrastructure, and data routing are structurally tied to the People's Republic of China. Furthermore, investigators discovered that despite claims of having no mainland Chinese presence, a subsidiary employed approximately 62% of the company's 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