Executive Accountability: US Tiger Securities Named in Securities Action for Alleged Role in CHOW IPO Scheme

NEW YORK, May 6, 2026 /PRNewswire/ - Levi & Korsinsky, LLP notifies investors that US Tiger Securities, Inc. is named as a defendant in a securities class action involving ChowChow Cloud International Holdings Limited (NYSE American: CHOW). Find out if you qualify to recover losses from the CHOW securities action. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

CHOW shares collapsed 84.3%, falling from $11.70 to $1.83 per share on December 10, 2025, after NYSE American halted trading twice due to volatility from alleged market manipulation. The class action covers purchases between September 16, 2025, and December 10, 2025.

Tiger Securities' Role as Sole IPO Underwriter

The complaint identifies US Tiger Securities as the sole book-running manager for CHOW's September 16, 2025, IPO, which raised $11.96 million in gross proceeds from the sale of 2.99 million ordinary shares at $4.00 per share. As sole underwriter, Tiger Securities signed the Underwriting Agreement and had the contractual right to review all registration materials before public filing. The action contends that Tiger Securities had the ability and opportunity to prevent the issuance of allegedly misleading SEC filings and failed to do so.

What Tiger Securities Allegedly Knew

The complaint highlights that just months before serving as CHOW's sole underwriter, Tiger Securities and its affiliate TradeUP Securities Inc. were censured and fined by FINRA in April 2025 for:

• Failing to maintain proper anti-money laundering programs
• Failing to detect and report potentially suspicious activity in thinly traded, low-priced securities
• Failing to have a reasonable system to identify suspicious deposits of low-priced securities
• Continuing to serve as underwriter for microcap foreign IPOs that experienced extreme volatility and significant investor losses, including Smart Digital Group Limited (86.4% stock decline) and DarkIris Inc.

Pattern of Volatile Microcap IPOs

As detailed in the action, Tiger Securities served as underwriter for other recent foreign microcap IPOs that experienced strikingly similar outcomes. Smart Digital saw its stock halted by NASDAQ on September 26, 2025, and subsequently declined 86.4%. DarkIris was halted from trading on September 30, 2025, and has since traded well below the $1.00 listing threshold. The complaint asserts these prior episodes heightened Tiger Securities' obligation to guard against manipulation in the CHOW offering.

"Individual officers and underwriters who sign SEC filings bear personal responsibility for the accuracy of corporate disclosures. When an underwriter with a documented history of regulatory sanctions facilitates an offering that allegedly becomes a vehicle for market manipulation, serious questions arise about that underwriter's due diligence obligations." -- Joseph E. Levi, Esq.

LEAD PLAINTIFF DEADLINE: May 12, 2026

Speak with an attorney about recovering your CHOW investment losses or call Joseph E. Levi, Esq. at (212) 363-7500.

Levi & Korsinsky, LLP, Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered for investors.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP