If you incurred losses exceeding $25,000 by investing in Future FinTech stocks or options between March 10, 2020 and January 11, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310). You can also click here for additional information: www.faruqilaw.com/FTFT.
There is no cost or obligation to you.
NEW YORK, Feb. 23, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Future FinTech Group Inc. (“Future FinTech” or the “Company”) (NASDAQ: FTFT) reminds investors of the March 18, 2024 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading women-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated the 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's stock; (2) Defendant Huang and Future FinTech lied to the SEC about the nature of Defendant Huang's ownership of Future FinTech's stock; (3) Future FinTech has reduced its legal risks; (4) Future FinTech did not disclose the illegal actions taken by Defendant Huang to prop up its stock price; and (5) as a result, Defendants' statements about their business, operations, and future prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On January 11, 2024, the SEC posted an announcement on its website titled “SEC Charges Future FinTech CEO Shanchun Huang with Fraud and Failure to Disclose.” It also stated:[t]The Securities and Exchange Commission today charged Shanchun Huang with manipulative trading in shares of Future FinTech Group Inc., using an offshore account shortly before he took over as CEO of Future FinTech in 2020. The SEC also accused Huang of failing to disclose his beneficial ownership. For Future FinTech. FinTech stocks as well as transactions in such stocks.”
On this news, Future FinTech's stock price fell more than 20% in after-hours trading.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Future FinTech's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
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