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, on January 11, 2024, the SEC filed a civil lawsuit alleging civil violations of the federal securities laws against Mr. Shanchun Huang, the Company's CEO throughout the period at issue in the Complaint, for manipulative trading in the Company's stock shortly before he became its CEO in 2020. The SEC also charged Mr. Hung with failing to disclose his beneficial ownership of the Company stock as well as transactions in such stock. Mr. Huang, through his attorney, Jacob Frenkel, Chair of the Securities Enforcement and Government Investigations Practice at the law firm, Dickinson Wright, PLLC, has responded to these allegations and has asserted Mr. Huang's innocence.
The Board asserted that the civil litigation against the CEO has had no impact upon the Company's operations and it does not anticipate that it will in the future. The Board indicated that it values its shareholders and will continue to communicate with the investment community as relevant information related to this event becomes available.
Posted In: FTFT
