Currently, Faruqi & Faruqi, LLP is investigating potential claims against Future FinTech Group Inc., one of the most prominent national securities law firms. NASDAQ: FTFT reminds investors of the deadline of March 18, 2024, for investors to seek the role of lead plaintiff in a federal securities class action that has been filed against Future FinTech (Future FinTech" or the "Company").
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As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Defendant Shanchun Huang manipulated the price of Future FinTech stock; (2) Defendant Huang and Future FinTech lied to the Securities and Exchange Commission about the nature of Defendant Huang's ownership of Future FinTech stock; (3) Future FinTech understated its legal risk; (4) Future FinTech did not disclose the unlawful measures Defendant Huang took to prop up the price of its stock; and (5) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Defendant Shanchun Huang manipulated the price of Future FinTech stock; (2) Defendant Huang and Future FinTech lied to the Securities and Exchange Commission about the nature of Defendant Huang's ownership of Future FinTech stock; (3) Future FinTech understated its legal risk; (4) Future FinTech did not disclose the unlawful measures Defendant Huang took to prop up the price of its stock; and (5) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times
On January 11, 2024, the United States Securities and Exchange Commission posted an announcement on its website entitled "SEC Charges Future FinTech CEO Shanchun Huang with Fraud and Failure to Disclose Financial Information" which was published on the SEC website..It further stated that "[t]he Securities and Exchange Commission today charged Shanchun Huang with manipulating the stock of Future FinTech Group Inc. in order to gain a competitive advantage over its competitors.".In 2020, shortly before he became the CEO of Future FinTech, he transferred a significant amount of money to an offshore account. Huang has also been charged by the SEC with failing to disclose his beneficial ownership and transactions in Future FinTech stock in response to the SEC's inquiry
Huang has also been charged by the SEC with failing to disclose his beneficial ownership and transactions in Future FinTech stock in response to the SEC's inquiry
Upon hearing this news, Future FinTech stock declined over 20% in after-hours trading as a result of this news.
The court-appointed lead plaintiff is the individual with the largest financial interest in the relief sought by the class, who is appropriate and representative of the class as a whole, and who is in charge of overseeing and directing the litigation on behalf of the putative class.. It will be up to each member of the putative class to move the Court to serve as lead plaintiff through counsel of their choice, or to do nothing and remain an absent member of the class.. Whether you choose to serve as a lead plaintiff or not does not affect your ability to share in any recovery that may be achieved
Whether you choose to serve as a lead plaintiff or not does not affect your ability to share in any recovery that may be achieved
Additionally, Faruqi & Faruqi, LLP encourages anyone who has information regarding Future FinTech's conduct to contact the firm, including whistleblowers, former employees, shareholders, and anyone else with information regarding Future FinTech's conduct.
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Faruqi & Faruqi, LLP is the source of this information
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