공시 • Mar 13
Wolf Haldenstein Adler Freeman & Herz LLP Files Class Action Lawsuit Against ChowChow Cloud International Holdings Limited
Wolf Haldenstein Adler Freeman & Herz LLP announced that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned Hansink v. ChowChow Cloud International Holdings Limited, et.al, Case 1:26-cv-02063, on behalf of persons and entities that purchased or otherwise acquired ChowChow Cloud International Holdings Limited securities between September 16, 2025 and December 10, 2025, inclusive. Plaintiff pursues claims against ChowChow Cloud International Holdings Limited, Yee Kar Wing, Hui Wai Ming, Wong Chung Wai, Assentsure PAC, and US Tiger Securities Inc., as well as unidentified John Does 1-100, under Sections 10(b) and 20(a) of the Exchange Act of 1934. Throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and the true nature of the trading activity in the securities. Specifically, Defendants failed to disclose to investors that: (i) ChowChow Cloud International Holdings Limited was the subject of a market manipulation and fraudulent promotion scheme involving social-media based misinformation and impersonators posing as financial professionals; (ii) ChowChow Cloud International Holdings Limited’s public statements and risk disclosures omitted any mention of the realized risk of fraudulent trading or market manipulation used to drive the Company’s stock price; (iii) that, as a result, ChowChow Cloud International Holdings Limited securities were at unique risk of a sustained suspension in trading by NYSE American and severe volatility-induced decline; (iv) that the sole underwriter on the Initial Public Offering, Tiger Securities, had been fined and censured by the Financial Industry Regulatory Authority in April 2025 for failing to have a reasonable system in place to identify potentially suspicious deposits of low-priced securities; and (v) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis. On December 10, 2025, the pump-and-dump scheme was revealed with catastrophic losses to investors. At approximately 11:05 AM EST, a surge of sell orders and volume of approximately 360,000 caused the price of ChowChow Cloud International Holdings Limited ordinary shares to plummet from $11.95 per share to $10.59 per share in a span of mere minutes. At 11:07 AM EST, NYSE American halted ChowChow Cloud International Holdings Limited ordinary shares from trading due to volatility. The halt remained in effect until 12.37 PM EST when the stock reopened for trading at the price of approximately $1.00 per share. NYSE American halted ChowChow Cloud International Holdings Limited ordinary shares for a second time from 3:44 PM EST until 3:49 PM EST, before ultimately closing at $1.83 per share, a single day loss of 84.3%. On the next day, December 11, 2025, the Company issued a press release, stating that “the Company had become aware of unusual trading activity in its ordinary shares on the NYSE American on December 10 and December 11, 2025.” ChowChow Cloud International Holdings Limited also stated that it “made inquiries and has been unable to determine whether corrective actions are appropriate at this time.” The Company then announced, “that there has been no material development in its business and affairs not previously disclosed or, to its knowledge, any other reason to account for the unusual market action.” Shares of ChowChow Cloud International Holdings Limited have been trending lower after the end of the class period and now trade below $0.50 per share.