Securities class action filed against Trip.com Group over AI price-adjustment tool amid SAMR investigation

A securities class action lawsuit has been filed against Trip.com Group (NASDAQ: TCOM), China’s largest online travel agency, seeking to represent investors who purchased Trip.com securities between April 30, 2024 and January 13, 2026.

The filing comes after Trip.com’s American Depositary Shares fell 17% on January 14, 2026, a selloff that wiped out more than $8 billion in market capitalization. The company said the decline followed its announcement that it is the subject of a regulatory investigation in China under the Anti-Monopoly Law.

Regulatory probe and market reaction

According to the complaint, the market reaction was triggered by Trip.com’s disclosure that it “received a notice of investigation” from the State Administration for Market Regulation of the People’s Republic of China (SAMR) and that SAMR had commenced an investigation involving the company pursuant to China’s Anti-Monopoly Law.

In response, national shareholders rights firm Hagens Berman said it is investigating whether Trip.com violated federal securities laws, as alleged in the complaint.

Allegations involving Trip.com’s AI pricing tool

The complaint also alleges that Trip.com’s prior public statements about its AI price adjustment tool misled investors regarding regulatory risk tied to the company’s business conduct.

Trip.com previously described its AI approach as “a cornerstone of our long-term strategy” and said its disclosure controls and procedures were effective. The company’s price adjustment tool automatically lowers hotel rates on its platform when it detects higher prices elsewhere.

Hagens Berman alleges these assurances were misleading because Trip.com allegedly understated the regulatory risk it faced related to monopolistic conduct.

What investors learned, according to the complaint

Investors began to learn more about the alleged conduct in late November 2025, after financial press reports said hotel merchants partnering with Trip.com reported losing pricing autonomy.

The complaint further alleges that 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 through reduced visibility or delisting.

Additional post–class period developments

After the class period ended, Trip.com announced on February 26, 2026 that its co-founders abruptly resigned from the company’s board, effective the day before, according to the filing.

On March 8, 2026, pandaily reported that Trip.com would shut down its automated hotel AI price adjustment tool on March 10, aiming to curb price wars and restore pricing autonomy for hotel partners. The report also said several hotel partners claimed the system scanned competitors’ prices and forced price reductions on their own listings, which some described as “one-sided coercion.”

Lead plaintiff and timeline

• Class Period: Apr. 30, 2024 – Jan. 13, 2026
• Lead Plaintiff Deadline: May 11, 2026

Firm statement and focus of the investigation

“We’re 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,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.

Loss submission and whistleblower information

The firm urged investors who purchased Trip.com American Depositary Shares and suffered significant losses to submit their losses. It also noted that persons with non-public information regarding Trip.com should consider options to assist the investigation or take advantage of the SEC Whistleblower program, which provides rewards totaling up to 30% of any successful SEC recovery based on the program’s terms.

Source

SOURCE Hagens Berman Sobol Shapiro LLP