NEW
YORK, Jan. 16, 2024 /PRNewswire/ -- Future
Fintech Group Inc. (NASDAQ: FTFT), (hereinafter referred to as
"Future FinTech", "FTFT" or the "Company"), a comprehensive
financial and digital technology service provider, announced
today its Board of Directors (the "Board") held a meeting on
January 15, 2024 to respond to
allegations made to its Chief Executive Officer ("CEO") by the
Securities and Exchange Commission (the "SEC"). The Board
agreed to establish an independent committee to review and
investigate the allegations made by SEC. The Board also imposed
restrictions on the CEO to trade in the Company's stock during the
pendency of the litigation. In addition, the Board decided to
provide training to Company officers, directors and employees as to
appropriate trading practices under the insider trading policy of
the Company.
As background, 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.
About Future Fintech Group Inc.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive
financial and digital technology service provider. The Company,
through its subsidiaries, conducts asset management, brokerage and
investment banking services in Hong
Kong, operates a cross-border payment business in the
United Kingdom, provides
cryptocurrency trading data information services in
the United Arab Emirates, and
engages in supply chain trading and finance businesses in
China. In addition, the Company
provides digital asset computing power custody services in
Paraguay and has initiated digital
asset mining farm operations in the
United States. FTFT adheres to the concept of improving
financial services with digital and internet technology, and
provides its business and individual customers with stable, safe
and efficient digital financial services. For more information,
please visit www.ftft.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary notice, including, without limitation, those risks
and uncertainties described in our annual report on Form 10-K for
the year ended December 31, 2022 and our other reports
and filings with SEC. Such reports are available upon request from
the Company, or from the Securities and Exchange Commission,
including through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
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SOURCE Future FinTech Group Inc.