Faruqi & Faruqi Beats Motion to Dismiss in Future FinTech Securities Litigation and Advances the Case to Discovery

On September 14, 2026, District Court Judge Julian Xavier Neals of the District of New Jersey denied Defendants’ motion to dismiss in the putative class action securities case against Future FinTech Group, Inc. (“Future FinTech”), its Chief Executive Officer Shanchun Huang (“Huang”), Chief Financial Officer (“CFO”) Ming Yi (“Yi”), and the former CFO Jing Chen (“Chen”).  In this hotly contested litigation, Lead Plaintiff alleges that Defendants misled investors about Huang’s brazen stock manipulation scheme whereby he made large undisclosed transactions in Future FinTech’s publicly traded stock to artificially increase the market price of and induce investors to buy Future FinTech stock at inflated prices during the class period. Defendants Future FinTech, Huang, and Yi sought dismissal for failure to properly serve Huang and Yi, who live abroad, and for failure to meet the stringent pleading standards of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The Court rejected both arguments.  Lead Plaintiff had previously obtained Court permission to effect personal service on those individuals through alternative means because none of them could be located. Defendants sought to capitalize on the lack of personal service by challenging the Court’s prior order permitting alternative service, which the Court rejected as untimely. The Court also held that even considering Defendants’ untimely and waived arguments, Lead Plaintiff had properly effected service of process. The Court also held that the Amended Complaint fully complies with the PSLRA’s stringent pleading requirements. Rejecting Defendant’s argument that Lead Plaintiff cannot rely on allegations from the SEC’s litigation against Huang, the Court held that it was proper for Lead Plaintiff to bolster his allegations with “…specific factual allegations in the government complaint…”

The case now moves into discovery, which Faruqi will vigorously pursue on behalf of investors.

Copies of the Court’s orders are linked below.