Investors Target Webull Over Undisclosed Ties to Chinese Operations

The litigation, Ward v. Webull Corporation, claims that the digital investment platform concealed the extent of its reliance on PRC-based personnel and infrastructure. While the company publicly maintained its operations were centered in the U.S., the suit alleges that core software development, data routing, and compliance frameworks remained structurally tethered to China. These claims gained traction after a report from the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party revealed a significant gap between Webull’s public image and its internal reality.

According to the complaint, the Select Committee found that Webull employed approximately 863 people in mainland China—representing 62% of its global workforce—despite previously asserting it had no presence in the country. Following the disclosure of these findings on October 7, 2026, Webull shares plummeted 19%. Robbins Geller Rudman & Dowd LLP, the firm representing the class, is now gathering investors who suffered substantial losses to lead the litigation, which charges the company with violations of the Securities Exchange Act of 1934.