The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Future FinTech Group Inc. (“Future FinTech” or the “Company”) (NASDAQ: FTFT) securities between March 10, 2020 through January 11, 2024, inclusive (the “Class Period”). Future FinTech investors have until March 18, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On January 11, 2024, after market hours, the Securities and Exchange Commission (“SEC”) announced that it had charged Future FinTech’s CEO, Sanchun 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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Future FinTech securities during the Class Period, you may move the Court no later than March 18, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Future FinTech securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240129706661/en/
The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Future FinTech Group Inc. (FTFT) Investors
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
info@frankcruzlaw.com
www.frankcruzlaw.com
