The complaint filed by Bronstein, Gewirtz & Grossman, LLC alleges that Webull misrepresented its independence from the People's Republic of China. While the company purportedly marketed itself as a U.S.-based entity with isolated customer data, the lawsuit contends that its core engineering, data pipelines, and technical workforce were deeply integrated with PRC-based systems. These disclosures suggest that Webull's operational structure was subject to Chinese law, directly contradicting earlier public assurances provided to shareholders.

Investors who incurred losses during the specified period have until December 7, 2026, to apply for lead plaintiff status. Participation in the potential recovery does not require serving as a lead plaintiff. The firm is operating on a contingency fee basis, seeking reimbursement for legal costs only in the event of a successful outcome.