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Shares of Future FinTech Group
FTFT,
fell after the Securities and Exchange Commission charged Shanchun Huang with allegedly inflating the company’s share price just before he took over as chief executive.
The stock slipped 17% to $1.07 in after-hours trading Thursday. Shares are down over 48% over the past 12 months.
The SEC alleged in a complaint Thursday that Huang used manipulative trading techniques in early 2020 to push the fintech firm’s share price up, with the goal of preventing it from being delisted from the Nasdaq exchange.
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