Important Information Regarding Section 20(a) Individual Liability Claims: Webull's founder-CEO and its CFO are named as alleged control persons over SEC filings that, the lawsuit claims, overstated the broker's independence from China before BULL shares fell approximately 19%.
NEW YORK, Oct. 21, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Webull Corporation (NASDAQ: BULL) that founder, Chief Executive Officer and Chairman Anquan Wang and Chief Financial Officer H.C. Wang are named as individual defendants, alongside the Company, in a securities class action pending on behalf of purchasers between April 26, 2025 and October 6, 2026. Find out if you may be eligible to recover losses or contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.
Webull's CEO and CFO face securities liability claims as alleged Section 20(a) control persons after BULL shares fell $1.39, or approximately 19%, to close at $5.89 on October 7, 2026, on unusually heavy trading volume following allegations that Webull had ties to China. Anquan Wang held 79.2% of Webull's total voting power as of March 31, 2026, the securities action alleges. The window to apply for lead plaintiff closes on December 7, 2026.
The Two Executives Who Allegedly Controlled Webull's China Disclosures
Anquan Wang founded Webull and has served as CEO and Chairman at all relevant times. The complaint identifies him as a citizen of the People's Republic of China who beneficially owned 16.4% of the outstanding ordinary shares, a stake carrying 79.2% of total voting power. H.C. Wang has served as CFO since February 2021 and as a director since August 2022.
"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. The complaint alleges that Webull's founder controlled nearly four-fifths of the shareholder vote while the Company's annual reports allegedly understated its operational ties to China. Shareholders deserve to know whether the executives who controlled those disclosures can be held accountable." -- Joseph E. Levi, Esq.
Alleged Control Person Liability: CEO and CFO Under Section 20(a)
- Both executives allegedly participated in Webull's day-to-day operations at the highest levels and were privy to confidential information about its business.
- As claimed, they had the power to control the contents of the reports, press releases, and public filings Webull disseminated during the Class Period, including its annual reports on Form 20-F.
- The chief executive and chief financial officer roles carry certification obligations for annual reports under Sections 302 and 906 of the Sarbanes-Oxley Act.
- Count II of the complaint seeks to hold both executives liable as "controlling persons" for the Company's alleged violations of Section 10(b) and Rule 10b-5.
- The action seeks damages against all defendants jointly and severally, together with interest.
What Webull's Top Executives Allegedly Knew
The securities action alleges that the location and function of the majority of Webull's workforce, and the infrastructure behind its core platform, concerned core operations and were necessarily known to both executives. Defendants were allegedly on notice throughout the Class Period because a December 5, 2024 letter from the House Select Committee on the Chinese Communist Party had requested information about Webull's China operations and customer data security. The Committee later reportedly found that Webull initially told it the Company had no offices or employees in China.
Submit your information to learn more or call (212) 363-7500.
Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.
Frequently Asked Questions About the BULL Lawsuit
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: Who are the defendants named in the BULL lawsuit? A: The complaint names Webull Corporation and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.
Q: What is the BULL class action lawsuit about? A: A securities class action has been filed against Webull Corporation (NASDAQ: BULL) alleging materially false and misleading statements between April 26, 2025 and October 6, 2026. Shares fell approximately 19% after a CNBC report disclosed that a U.S. House Select Committee had found Webull's ownership, technical workforce, and technology infrastructure were tied in structural ways to the People's Republic of China. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.
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: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.
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.
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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