Boston Firm Block & Leviton Opens Webull Inquiry After China Report

Block & Leviton, a securities litigation firm based at 260 Franklin St. in Boston, said on October 7, 2026 that it is examining whether the online brokerage Webull broke securities laws by misrepresenting how much of its business is based in mainland China, according to a statement the firm distributed through GlobeNewswire.

Webull, which trades on the Nasdaq under the ticker BULL, presents itself as a brokerage headquartered in St. Petersburg, Florida. The Boston firm pointed to a bipartisan report issued the same day by the House Select Committee on China, which concluded that Webull's ownership, engineering staff, systems, data handling, financing and compliance arrangements are linked structurally to the Chinese government. The committee also reported that roughly 62% of Webull's employees worldwide work for a subsidiary in mainland China, and that the company at first told lawmakers it had no staff or offices there.

Webull shares dropped about 26% in early trading on October 7, 2026, to around $5.28, the firm said.

Block & Leviton said shareholders who bought Webull common stock and lost money may be able to take part, whether or not they still hold the shares, and that it may bring an action seeking to recover investor losses. The firm said it is also seeking people with non-public information about the company.

This story was first reported by GlobeNewswire.