Future FinTech Group Inc.
| Company Name | Future FinTech Group Inc. |
| Stock Symbol | FTFT |
| Class Period | March 10, 2020 to January 11, 2024 |
| Lead Plaintiff Motion Deadline | March 18, 2024 |
On January 11, 2024, after market hours, the Securities and Exchange Commission (“SEC”) announced that it had charged Future FinTech’s CEO, Shanchun Huang with “manipulative trading” and “buying hundreds of thousands of Future FinTech shares to artificially increase the company’s stock price shortly before and after he became CEO.”
On this news, Future FinTech’s stock price fell $0.27, or 20.9%, to close at $1.02 per share on January 12, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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