A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Future FinTech Group Inc. (NASDAQ: FTFT) securities between March 10, 2020 and January 22, 2024. The Company’s business activities include “supply chain financial services and trading, asset management and cross-border money transfer services. The Company has also expanded into cryptocurrency mining and cryptocurrency market data and information service business.”
According to the complaint, during the class period, defendants failed 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) and Future FinTech did not disclose the unlawful measures defendant Huang took to prop up the price of its stock.
Plaintiff alleges that on January 11, 2024, the SEC posted a press release on its website entitled “SEC Charges Future FinTech CEO Shanchun Huang With Fraud and Disclosure Failures.” Attached to the announcement was a complaint the SEC filed against defendant Huang alleging he “manipulated the stock price of Future FinTech by buying hundreds of Future FinTech shares to artificially increase the company’s stock price shortly before and after he became CEO in March 2020.” On this news, the price of the Company’s stock fell $0.27, or 20.93%, to close at $1.02 on January 12, 2024.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Future FinTech Group Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by March 18, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
