TCOM Lawsuit Alleges Inadequate Disclosures Regarding Known Antitrust Enforcement Risks - Trip.com Group Limited Investors Face Losses After China's State Administration for Market Regulation Announced a Formal Antitrust Probe: SueWallSt

Disclosure Under Scrutiny: Were Risk Warnings Adequate?

NEW YORK, April 23, 2026 /PRNewswire/ -- SueWallSt examines the adequacy of Trip.com Group Limited's (NASDAQ: TCOM) risk disclosures in SEC filings that allegedly failed to warn shareholders of specific, known antitrust enforcement threats. Find out if your losses qualify for recovery. You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

TCOM shares lost $14.38 per ADS across two trading sessions in January 2026 after China's State Administration for Market Regulation announced a formal antitrust probe. The lead plaintiff deadline is May 11, 2026.

What the Company Disclosed

Trip.com's 2023 and 2024 Annual Reports on Form 20-F contained risk factor language addressing the PRC Anti-Monopoly Law. In both filings, the Company stated its strategy of investing in complementary businesses "could be adversely affected" by anti-monopoly laws and that "uncertainties" existed regarding interpretation and enforcement. The filings acknowledged that past transactions, including the 2015 Qunar acquisition, "have been and may continue to be subject to PRC regulatory authorities' scrutiny from anti-monopoly perspective from time to time."

What the Complaint Challenges Was Missing

The securities action contends that this language was materially inadequate because it framed active regulatory threats as hypothetical possibilities. The complaint identifies specific pre-existing enforcement activity that allegedly demanded more pointed disclosure:

• Trip.com's risk factors used conditional language ("could," "may") to describe anti-monopoly enforcement risk, even as scrutiny of the travel sector was allegedly intensifying
• In August 2025, Guizhou's market regulator summoned five online tourism platforms to discuss potential antitrust concerns, yet the Company's disclosures allegedly did not update to reflect this escalation
• In September 2025, the market regulator in Zhengzhou summoned Trip.com specifically for alleged violations of rules against setting "unfair restrictions" on merchants' transactions and prices
• The 2024 Annual Report actually removed specific references to the Qunar acquisition and SAMR scrutiny that appeared in the 2023 filing, the complaint notes, even as enforcement activity was reportedly accelerating
• The lawsuit asserts that boilerplate warnings about regulatory "uncertainties" could not substitute for disclosure of known, specific regulatory interactions already underway

Regulatory Reality

The January 14, 2026 Bloomberg report revealed that SAMR had accused Trip.com of "abusing its market position and engaging in monopolistic practices." The complaint charges that this formal probe did not emerge from a vacuum. The action claims that prior regulatory summoning in Guizhou and Zhengzhou, combined with China's established pattern of targeting dominant internet platforms under the Anti-Monopoly Law, made the enforcement risk far more concrete than Trip.com's conditional risk factor language conveyed.

Why Generic Warnings May Not Protect

The lawsuit maintains that Trip.com's filings presented antitrust risk as a general industry concern rather than a company-specific threat that was actively materializing. As pleaded in the action, when a company is aware of specific regulatory interactions targeting its own business practices, disclosure obligations extend beyond boilerplate language about "uncertainties" in law enforcement.

"Generic risk factor language cannot substitute for disclosing specific, known problems that are already affecting a company's operations. When regulatory authorities are actively engaged with a company about potential violations, investors are entitled to know." -- Joseph E. Levi, Esq.

Speak with an attorney about whether Trip.com's disclosures harmed your investment or call (888) SueWallSt.

LEAD PLAINTIFF DEADLINE: May 11, 2026

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

CONTACT:

SueWallSt

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@SueWallSt.com

Tel: (888) SueWallSt

Fax: (212) 363-7171

SOURCE SueWallSt.com