Futu Holdings Slips More Than 17%

Futu Holdings Ltd. (FUTU) shares are trading down more than 20 percent on Thursday morning, continuing a bearish trend for the last several weeks. There were no corporate announcements today to impact the stock movement.

Johnson Fistel, LLP, a shareholder Rights Law firm in a statement said they are investigating a potential claim against Futu Holding for violation of securities laws.

The firm also said, citing a report, "a Chinese central banker warned that online brokerages not licensed in China are acting illegally if they serve Chinese clients via the Internet."

Currently, shares are at $55.28, down 17.52 percent from the previous close of $67.02 on a volume of 16,339,091. For the 52-week period, the shares have traded in a range of $29.30-$204.25 on average volume of 6,542,330.

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