Robbins LLP announced on November 4, 2026, that a securities class action lawsuit has been filed against Webull Corporation (NASDAQ:BULL) on behalf of investors who purchased the company's securities between April 26, 2025 and October 6, 2026.

Key Highlights

  • Class Period: The lawsuit covers purchasers of Webull securities from April 26, 2025 through October 6, 2026, inclusive, according to the filing.
  • Share price drop: Webull's Class A ordinary shares fell $1.39 per share, or approximately 19%, to close at $5.89 on October 7, 2026, on unusually heavy trading volume, the filing states.
  • Workforce allegation: The complaint alleges Webull's mainland China subsidiary had approximately 863 employees, representing 62% of Webull's global workforce, while Webull reportedly told a House committee it had no offices or employees in China.
  • Lead plaintiff deadline: Investors wishing to seek appointment as lead plaintiff must move the court no later than December 7, 2026, per the announcement.
  • SPAC origin: According to the complaint, Webull's Class A ordinary shares began trading on April 11, 2025, following a business combination with SK Growth Opportunities, a special purpose acquisition company.
  • Contingency representation: Robbins LLP states it represents investors on a contingency fee basis, with no upfront or out-of-pocket fees or expenses.

Allegations Against Webull and the October 2026 Stock Decline

According to the filing, the complaint alleges that Webull Corporation, which describes itself as a broker-dealer regulated in 12 major markets globally, falsely marketed itself as a U.S.-based company and claimed that customer data was isolated from non-U.S. access. The complaint further 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 filing states that on October 7, 2026, before markets opened, CNBC reported that the Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party of the U.S. House of Representatives found a "profound gap" between Webull's self-presentation as an American company and its actual control and operations. The Select Committee reportedly found that "Webull's ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the People's Republic of China." Following that report, Webull's Class A ordinary shares closed at $5.89 per share on October 7, 2026, a decline of approximately 19%, according to the announcement.

The complaint alleges that defendants failed to disclose the extent of Webull's mainland China operations and that, as a result, statements about the company's business, operations, and prospects "were materially false and misleading and/or lacked a reasonable basis at all relevant times." These are allegations contained in the complaint and attributed to the plaintiff; Robbins LLP's announcement does not reflect any court finding or adjudication of liability.

What Was Disclosed

Robbins LLP disclosed the filing of a securities class action against Webull Corporation (NASDAQ:BULL), citing allegations of misrepresentations about the company's U.S. operational independence, a December 7, 2026 lead plaintiff deadline, and a reported share price drop of approximately 19% on October 7, 2026.