Trip.com Group Limited (TCOM) Securities Class Action

In the past, Trip.com repeatedly touted its AI price adjustment tool, calling its AI approach “a cornerstone of our long-term strategy” and assured investors that its disclosure controls and procedures were effective.  The company’s price adjustment tool automatically lowers hotel rates on its platform when detecting higher prices elsewhere.

The complaint alleges that these and other assurances misled investors because Trip.com materially understated the regulatory risk the company faced for its monopolistic business conduct.

Investors began to learn the truth by late November 2025, when the financial press reported that hotel merchants partnering with Trip.com reported losing pricing autonomy under the company’s platform. In addition, regulators scrutinizing the company reportedly identified the price adjustment tool as enabling Trip.com to force participation in promotions, undercut competitors, and penalize non-compliant merchants with reduced visibility or delisting.

Then, on January 14, 2026, Trip.com revealed it “received a notice of investigation from the State of Administration for Market Regulations of the People’s Republic of China (the ‘SAMR’)[]” and “the SAMR has commenced an investigation involving the Company pursuant to the Anti-Monopoly Law of the People’s Republic of China.”

The market reacted swiftly, sending the price of Trip.com American Depositary Shares down $12.90 (-17%), wiping out over $8 billion of market capitalization in a single day.

After the Class Period, on February 26, 2026, Trip.com announced with no explanation that its co-founders abruptly resigned from the company’s board, effective the day before.

Then, on March 8, 2026, pandaily reported that “Trip.com will shut down its automated hotel AI price adjustment tool on March 10, aiming to curb price wars and restore pricing autonomy for hotel partners.” In addition, the article said “[s]everal hotel partners claimed the system automatically scanned competitors’ prices and forced price reductions on their own listings, a practice some describe as ‘one-sided coercion.’”

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the TCOM investigation about?

We are investigating whether Trip.com may have misled investors about the true purpose of its AI pricing tool and the sustainability of its business model without it.

WHAT SHOULD I DO?

I worked at TCOM. What should I do?

If you were an employee of TCOM, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in TCOM, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any TCOM investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.