Future FinTech stock plummets 13%: SEC accuses CEO! | Capita Match

TLDR:

– Future FinTech Group’s stock dropped by 17% in after-hours trading after the Securities and Exchange Commission (SEC) charged CEO Shanchun Huang with allegedly inflating the company’s share price.
– The SEC claims that Huang used manipulative trading techniques to boost the stock’s price, preventing it from being delisted from the Nasdaq exchange.

Shares of Future FinTech Group (FTFT) fell by 17% in after-hours trading after the Securities and Exchange Commission (SEC) charged CEO Shanchun Huang with allegedly inflating the company’s share price. The stock is currently trading at $1.07 and has seen a decline of over 48% in the past year.

According to the SEC, Huang used manipulative trading techniques in early 2020 to elevate the fintech firm’s share price. The goal was to prevent the company from being delisted from the Nasdaq exchange. The complaint filed by the SEC claims that Huang engaged in these practices just before he took over as CEO.

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