BULL Shareholder Alert: Webull Corporation Securities Class Action Lawsuit - Investors With Losses May Contact SueWallSt

Disclosure Under Scrutiny: Were Risk Warnings Adequate? Webull's SEC filings cautioned that government inquiries into its China ties "may" hurt the business, while the lawsuit alleges the dependence behind those inquiries was already built into its core engineering.

NEW YORK, Nov. 5, 2026 /PRNewswire/ -- SueWallSt notifies investors in Webull Corporation (NASDAQ: BULL) that a securities class action challenging the adequacy of the company's SEC disclosures has been filed on behalf of those who purchased or acquired Webull securities between April 26, 2025 and October 6, 2026. Check if you might be eligible to recover your investment losses, or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

On October 7, 2026, shares fell $1.39, or approximately 19%, to close at $5.89 on unusually heavy volume following allegations that Webull had ties to China. Investors have until December 7, 2026 to see lead plaintiff status.

What Webull's SEC Filings Disclosed

SEC filings stated, in Webull's 2024 annual report filed April 25, 2025, that the company "cannot be certain that we will be able to resolve all of their concerns," referring to inquiries by attorneys general in 14 states and the House Select Committee on the Chinese Communist Party into its China ties and customer data. Further action, the filing warned, "may materially and adversely affect our business."

The July 18, 2025 Form F-1 disclosed that mainland subsidiary Hunan Weibu Information Technology Co., Ltd. employed 731 people at year-end 2024, or 61% of staff. Disclosure language in that filing and both annual reports nonetheless described mainland China operations as "limited to research and development and technical support functions."

Disclosure Gaps Alleged in Webull's Filings

The complaint challenges these filings as describing present conditions as remote possibilities.

• Function behind the headcount: Plaintiffs allege software development, data pipelines, and core engineering depended on PRC-based personnel and infrastructure subject to Chinese law.
• Data routing: Customer data assurances allegedly omitted that cross-border data routing was tied to China.
• Inquiry merits: Filings framed further government action as uncertain, while plaintiffs contend the Select Committee's concerns were well founded.
• Committee account: The Select Committee reportedly found Webull initially told it the company had no offices or employees in China, while its mainland subsidiary employed approximately 863 people.
• Structural ties: Ownership, financing, and compliance structures were allegedly tied to China despite the description of U.S.-based principal operations.

"Generic risk factor language cannot substitute for disclosing specific, known problems that are already affecting a company's operations. The lawsuit alleges Webull told investors that government inquiries 'may' affect its business while describing a mainland workforce of more than 700 people as limited to research and development and technical support. Investors deserve to know whether that description was accurate when it was made." -- Joseph E. Levi, Esq.

Webull SEC Disclosure Adequacy: Why Generic Warnings May Not Protect

A warning that a risk "may" occur offers little protection to investors if, as alleged, the condition was already shaping how the company operated. The complaint contends Webull's dependence on its mainland subsidiary persisted throughout the Class Period, meaning the conditional risk factor allegedly understated exposure shareholders already carried.

Learn more about the case 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: 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, including representations that its principal business operations were based in the U.S., that its mainland China operations were limited to research and development and technical support functions, and that U.S. customer data was insulated from non-U.S. access. When CNBC reported on October 7, 2026 that a House Select Committee had found a "profound gap" between Webull's presentation of itself as an American company and its actual control and operations, the stock price declined sharply.

Q: When did Webull Corporation allegedly mislead investors? A: The Class Period runs from April 26, 2025 to October 6, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.

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 documents do I need to submit my information? A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

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: 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.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171

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SOURCE SueWallSt.com