BULL Shareholder Alert: Webull Corporation Securities Class Action Lawsuit - Investors Should Contact SueWallSt

Alert: Claims Focus on Alleged Misrepresentations About Webull's China-Based Engineering Workforce. The action alleges that Webull's core platform, software development, data pipelines, and engineering depended on PRC-based personnel, even as the Company described its mainland China operations in SEC filings as limited to "research and development and technical support functions.

NEW YORK, Oct. 22, 2026 /PRNewswire/ -- SueWallSt announces that a securities class action has been filed against Webull Corporation (NASDAQ: BULL). You may be affected if you purchased Webull securities between April 26, 2025 and October 6, 2026 and lost money on your investment. Find out if you might qualify for recovery or contact Joseph E. Levi, Esq. at [email protected] or (888) SueWallSt.

BULL shares lost $1.39 per share, approximately 19%, on October 7, 2026. The drop followed a CNBC report on a House Select Committee finding that Webull's mainland China subsidiary employed approximately 863 people, or 62% of its global workforce. Plaintiffs allege that the online brokerage's securities filings materially understated how much it depended on China-based engineering, and motions for lead plaintiff must be filed with the Court by December 7, 2026.

How a U.S. Brokerage Platform Allegedly Ran on China Engineering

An online broker-dealer cannot route an order, stream a quote, or open an account without the software, data pipelines, and engineering that power its app. Webull's filings stated that its principal business operations were based in the U.S. They also described its mainland China activity as research and development and technical support.

As pleaded, the core platform, software development, data pipelines, and core engineering depended on PRC-based personnel and on technology infrastructure subject to Chinese law. The complaint also alleges that cross-border data routing was tied to China. According to the CNBC report, the Select Committee found that Webull initially told the Committee it had no offices or employees in China.

Alleged Workforce Dependence Impact by the Numbers

• 731 employees (61% of staff): headcount at Hunan Weibu Information Technology Co., Ltd. as of December 31, 2024, as disclosed in Webull's July 18, 2025 Form F-1
• 863 employees (62% of staff): the same subsidiary's headcount as of December 31, 2025
• 132 additional China-based employees: the one-year increase, during which the April 9, 2026 annual report again described China operations as research and development and technical support
• Three SEC filings: the April 25, 2025 and April 9, 2026 annual reports on Form 20-F and the July 18, 2025 Form F-1, each containing the challenged operational characterizations
• Zero: the number of China offices and employees Webull reportedly first told the Select Committee it had

Why Core Engineering Location Allegedly Mattered to Shareholders

Plaintiffs allege that concentrating core engineering inside the PRC exposed Webull to regulatory and operational risks that its filings did not disclose.

"The complaint raises serious questions about whether investors received accurate information about where Webull's platform was actually built and maintained. When a subsidiary employing a majority of the workforce is allegedly described as a support function, shareholders may not be able to assess the risks tied to that dependence." -- Joseph E. Levi, Esq.

Submit your information now or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. 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: How much did BULL stock drop? A: Shares fell approximately 19%, a decline of $1.39 per share, after CNBC reported on October 7, 2026 on findings by a House Select Committee. The Committee found that Webull's ownership architecture, technical workforce, technology infrastructure, and compliance frameworks are tied in structural ways to the People's Republic of China. Investors who purchased shares during the Class Period at allegedly artificially inflated prices and suffered losses may be eligible to seek compensation.

Q: What specific misstatements does the BULL lawsuit allege? A: The complaint alleges that Webull Corporation made materially false or misleading statements during the Class Period on three subjects: the scope of its mainland China operations, the U.S. base of its principal business operations, and the protection of U.S. customer data from non-U.S. access. When the Select Committee's findings were reported on October 7, 2026, the stock price declined sharply.

Q: When did Webull Corporation allegedly mislead investors? A: The investigation concerns statements made before the October 7, 2026 corrective disclosure that allegedly caused investors to purchase securities at inflated prices.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

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.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (888) SueWallSt

Fax: (212) 363-7171

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SOURCE SueWallSt.com