Important Notice Regarding Alleged China Independence Misrepresentations: Webull allegedly told investors its principal operations were U.S.-based and its China activities were limited to non-core functions before shares fell approximately 19%.

NEW YORK, Oct. 28, 2026 /PRNewswire/ — Levi & Korsinsky, LLP notifies investors in Webull Corporation (NASDAQ: BULL) that a class action lawsuit has been filed on behalf of shareholders who purchased securities between April 26, 2025 and October 6, 2026. Find out if you could qualify to recover your losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

BULL shares fell approximately 19% in a single session after a congressional committee’s findings on Webull’s ties to China were reported, according to the lawsuit. The complaint alleges that misstatements about Webull’s independence from China sit at the core of this online brokerage securities fraud case. It points first to Webull’s assertion that its principal business operations were based in the U.S. Applications to serve as lead plaintiff must be filed by December 7, 2026.

The Alleged China Independence Narrative Behind the Brokerage Securities Fraud Claims

Webull began trading on the NASDAQ on April 11, 2025, after a business combination with SK Growth Opportunities Corporation, a special purpose acquisition company. It describes itself as a broker-dealer regulated in 12 major markets globally. Throughout the Class Period, its SEC filings told investors the Company believed it fell outside the reach of laws targeting companies with connections to China.

The lawsuit contends that this framing materially overstated Webull’s independence from the People’s Republic of China. It also contends that the framing understated the regulatory risk tied to that dependence.

Key China Independence Allegations for Shareholders

• Webull’s annual reports on Form 20-F for fiscal 2024 and fiscal 2025, along with a Form F-1 registration statement, each stated that “our principal business operations are based in the U.S.”
• The same filings described the Company’s mainland China operations as confined to research and development and technical support. The complaint challenges that characterization as materially misleading.
• To support its position, the Company cited the U.S. citizenship of most of its board members and senior managers, as well as its U.S.-based auditor.
• Webull’s ownership structure, financing, and compliance frameworks were allegedly tied to China in structural ways during the Class Period.
• Webull is incorporated in the Cayman Islands and lists its U.S. principal executive offices in St. Petersburg, Florida.

The Congressional Scrutiny Factor

Webull’s own filings disclosed that attorneys general from 14 states raised data-security concerns in April 2024. The filings also disclosed that a House Select Committee sought information about the Company’s China operations in December 2024. Those concerns were allegedly well founded, as the Committee later reported findings that the Company’s ownership architecture, workforce, and compliance frameworks were tied in structural ways to China.

“This case presents important questions about how an online brokerage serving American investors describes the location and function of its operations. The complaint alleges that Webull repeatedly characterized its business as principally U.S.-based while its ties to China ran considerably deeper. When a company’s regulatory exposure depends on that very distinction, shareholders are entitled to accurate disclosure.” — Joseph E. Levi, Esq.

Submit your information here or call (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the BULL Lawsuit

Q: Who is eligible to join the BULL investor lawsuit? A: Investors who purchased BULL stock or securities between April 26, 2025 and October 6, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses — not on whether you still hold the shares.

Q: What specific misstatements does the BULL lawsuit allege? A: The complaint alleges Webull Corporation made materially false or misleading statements during the Class Period regarding its independence from the People’s Republic of China. These include representations that its principal business operations were based in the U.S. and that its mainland China operations were limited to research and development and technical support functions. When a CNBC report disclosed a House Select Committee’s findings about Webull’s ties to China, the stock price declined sharply.

Q: What court was the BULL class action filed in? A: The case was filed in the United States District Court for the Middle District of Florida, Tampa Division, governed by the Private Securities Litigation Reform Act of 1995.

Q: What do BULL investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.

Q: What if I already sold my BULL shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: What if I live outside the United States? A: U.S. securities class actions generally cover purchases on U.S. exchanges regardless of the investor’s country of residence.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

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