Robbins LLP announced on November 12, 2026, that a class action lawsuit has been filed on behalf of investors who purchased Webull Corporation (NASDAQ:BULL) securities between April 26, 2025 and October 6, 2026, alleging the company made false and misleading statements about its independence from the People's Republic of China.

Key Highlights

  • Class Period: The lawsuit covers purchasers of Webull securities between April 26, 2025 and October 6, 2026, inclusive, according to the announcement.
  • Lead Plaintiff Deadline: Investors wishing to seek appointment as lead plaintiff must move the court no later than December 7, 2026.
  • Stock Drop: The complaint alleges Webull's Class A ordinary shares fell $1.39 per share, or approximately 19%, to close at $5.89 per share on October 7, 2026, on unusually heavy trading volume.
  • China Workforce Allegation: According to the filing, Webull's mainland China subsidiary reportedly had approximately 863 employees, representing approximately 62% of Webull's global workforce, contrary to the company's initial statements to the Select Committee.
  • Congressional Finding: The U.S. House Select Committee on Strategic Competition reportedly found a "profound gap" between Webull's self-presentation as an American company and its actual control and operations.
  • SPAC Origin: The complaint notes that Webull's Class A ordinary shares began trading on April 11, 2025, following completion of a business combination with SK Growth Opportunities, a special purpose acquisition company.

Allegations Against Webull Corporation Regarding PRC Operations and Data Access

According to the announcement from Robbins LLP, the complaint alleges that Webull Corporation failed to disclose that its mainland China operations extended well beyond research and development and technical support. Specifically, the complaint alleges that Webull's "software development, data pipelines, and core engineering depended on PRC-based personnel and on infrastructure subject to Chinese law," and that the company's "ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were structurally tied to China."

The complaint further alleges that, as a result, Webull's representations that its principal business operations were based in the United States and that U.S. customer data was insulated from non-U.S. access "materially overstated the Company's independence from the PRC." The filing states that defendants' statements about Webull's business, operations, and prospects were "materially false and misleading and/or lacked a reasonable basis at all relevant times," according to the complaint.

The announcement attributes the alleged stock decline on October 7, 2026, to a CNBC report published before markets opened, citing findings by the U.S. House Select Committee on Strategic Competition Between the United States and the Chinese Communist Party. That committee reportedly found that Webull "initially informed the Select Committee it had no offices or employees in China," while the mainland China subsidiary in fact employed approximately 863 individuals. Robbins LLP states it represents investors on a contingency fee basis, with no upfront or out-of-pocket fees or expenses.

What Was Disclosed

Robbins LLP announced a securities class action against Webull Corporation (NASDAQ:BULL) covering a class period from April 26, 2025 to October 6, 2026, alleging false statements about U.S.-based operations and customer data isolation from non-U.S. access, with a lead plaintiff deadline of December 7, 2026.