NEW
YORK, Jan. 17, 2024 /PRNewswire/ -- On
January 11, 2024, the Securities and
Exchange Commission (the "SEC") filed a civil lawsuit alleging
civil violations of the federal securities laws against
Mr. Shanchun Huang, the Chief Executive Officer of Future
FinTech Group Inc. ("Future FinTech" or the "Company") for
what the Commission contends was manipulative trading in the stock
of Future FinTech before Mr. Huang became Future FinTech's CEO in
2020. The Commission also claims that Mr. Huang did not disclose
his beneficial ownership of Future FinTech stock as well as
transactions in such stock. Mr. Huang, through his lead attorney,
Jacob Frenkel, Chair of the
Securities Enforcement and Government Investigations Practice at
national law firm, Dickinson Wright, PLLC, responds to the
allegations.
Mr. Frenkel stated that "Mr. Huang looks forward to his day in
court to fight vigorously the SEC's allegations. The defense that
Mr. Huang will present already is well-known to the SEC from his
cooperation in and multi-day sworn testimony in the SEC's inquiry
that gave rise to the civil lawsuit. Mr. Huang has denied
consistently the allegations of trading before he became CEO, and
the evidence will be that he did not trade. Additionally, Mr. Huang
relied on the advice and counsel of retained professionals in
connection with his disclosure obligations. We believe that a jury
in this civil case will find that Mr. Huang is not responsible for
the violations that the Commission alleges against Mr.
Huang. This case is just beginning, and we are a long way from any
evidence being presented to a jury."
Mr. Huang, who has served as the CEO of the Company and member
of the Board since March 4, 2020,
denies the Commissions allegations. Mr. Huang stated "I know
the allegations are not true, and I will work with my attorneys to
fight to clear my name. I am confident that the law will be on my
side, which is the side of justice. I look forward to my day in
court to fight against the SEC and its allegations. I will continue
to work hard and build value for Future FinTech's shareholders. I
will not permit the SEC's case to interrupt my and the Board's
vision for the growth and success of the Company."
Mr. Frenkel, the lawyer leading the representation of Mr. Huang,
has been practicing law in the securities enforcement space for
more than 36 years, having served for 9½ years as an attorney in
the SEC's Division of Enforcement and as a federal criminal
prosecutor of public corruption and securities for 3½ years, and
has been representing companies and individuals defending SEC, as
well as PCAOB and FINRA, investigations and litigation for more
than 20 years.
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SOURCE Future FinTech Group Inc.