Did You Lose Money Investing in Webull (BULL)?

Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Webull Corporation (“Webull” or the “Company”) (NASDAQ: BULL)., including whether investors were adequately informed about matters identified in a Congressional report concerning Webull’s China-related operational ties, customer data practices, corporate governance, regulatory controls, and clearing and custody safeguards.

Webull investors who purchased or otherwise acquired BULL securities and suffered losses are encouraged to contact Kehoe Law Firm to learn more about the investigation and their potential legal rights.

Congressional Report Raises Concerns About Webull’s China Ties

A report issued by the U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party (“Select Committee”) raises significant concerns regarding Webull’s ties to the People’s Republic of China (“PRC”).

The Select Committee’s report, “Free Trades, Hidden Ties: Exposing Webull’s China Links,” stated that “[m]illions of American retail investors use Webull under the assumption that it operates as a standard, securely insulated U.S.-regulated brokerage.”

According to the report, Webull has emphasized that its primary retail interface is registered with the Securities and Exchange Commission and the Financial Industry Regulatory Authority and that its accounts feature standard Securities Investor Protection Corporation consumer protections. The report further states that Webull’s “executive leadership has repeatedly asserted to Congress that Webull is ‘an American company.’”

House Select Committee Identifies a “Profound Gap” Between Webull’s Public Marketing and Operational Reality

According to the Select Committee, the evidentiary record developed during its investigation revealed what the Select Committee characterized as a “profound gap” between Webull’s public marketing and its operational reality.

The Select Committee stated that “[i]n truth, Webull’s ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the . . . PRC.”

The Select Committee further stated that its national security concerns increased after Webull transitioned in October 2025 to directly carrying customer cash, which the Select Committee characterized as transforming a front-end software risk into a structural exposure involving billions of dollars in American capital.

Select Committee Identifies Six Key Findings Concerning Webull

• Finding 1 – Customer Data and PRC Risk: Webull’s data practices expose American investors to PRC legal and surveillance risk.
• Finding 2 – Employee Disclosures: Webull misrepresented where key employees worked and how they were supervised.
• Finding 3 – PRC-Linked Corporate Control: Webull’s governance is dominated by PRC-linked control.
• Finding 4 – Regulatory Controls: Webull’s regulatory controls were weaker than its assurances suggested.
• Finding 5 – PRC Government Funding: Webull’s subsidiary accepted PRC government funding conditional on CCP loyalty while its affiliates expanded in China.
• Finding 6 – Clearing and Custody: Webull’s clearing and custody safeguards are concerning.

Webull Shares Drop Significantly Following Congressional Report

Following news of the Select Committee’s findings concerning Webull, the Company’s stock price declined significantly on October 7, 2026, closing down more than 19%. 

Webull Securities Class Action Filed

On October 8, 2026, a securities class action complaint was filed on behalf of persons or entities who purchased or otherwise acquired publicly traded Webull securities between April 26, 2025 and October 6, 2026, inclusive (the “Class Period”).

The action, Ward v. Webull Corporation, et al., Case No. 8:26-cv-03052, filed in U.S. District Court, Middle District of Florida, Tampa Division, seeks to recover compensable damages caused by Defendant’s violations of the federal securities laws under the Securities Exchange Act of 1934. 

According to the complaint, Defendants made false and/or misleading statements and/or failed to disclose that: 1) Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on PRCbased personnel and on infrastructure subject to Chinese law; 2) Webull’s ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were structurally tied to China; 3) as a result, Webull’s representations that its principal business operations were based in the U.S. and that its U.S. customer data was insulated from non-U.S. access materially overstated the Company’s independence from the PRC; and 4) consequently, Defendants’ statements about Webull’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Webull Investors: Contact Kehoe Law Firm

If you purchased Webull stock during the Class Period and suffered financial losses, you are encouraged to complete Kehoe Law Firm’s confidential Stockholder Information Request Form or send us a message to learn more about the investigation and your potential legal rights.

For a free, no-obligation legal evaluation, contact:

Michael Yarnoff, Esq.
(215) 792-6676, Ext. 804
[email protected]
[email protected]

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action law firm representing investors, consumers, and employees in matters involving securities fraud, corporate misconduct, mergers and acquisitions, antitrust violations, whistleblower claims, data breaches, consumer fraud, employment law violations, as well as ERISA and retirement plan litigation. Its attorneys have served as lead or co-lead counsel in major securities cases, recovering more than $10 billion for institutional and individual investors.

There is no cost or obligation to speak with the firm, and there are no upfront fees or litigation costs. We handle class action matters on a contingency-fee basis. Any attorneys’ fees or expenses sought in connection with a recovery are subject to court approval.

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