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FF.US
id: 1272
FutureFuel (FF) Poor Financial Controls Case
E.D. Missouri
Court4:24-cv-00881
Case number08/10/2023
Class period Start05/10/2024
Class period End08/23/2024
Lead Plaintiff motion deadline- $FF stockholders filed a claim vs. FutureFuel for hiding problems with its financial controls.
- On May 10, 2024, following the corrections to the financial statements, $FF fell 10.3%.
- FutureFuel investors can join this case to be notified about potential recovery.
Case Details:
In their 2023 financial report, FutureFuel stated they “evaluated the effectiveness of the design and operation of disclosure controls and procedures”.
However, on May 10, 2024, FutureFuel filed an SEC report disclosing corrections to its previously issued financial statements.
The company revealed a major weakness in its financial reporting controls, specifically in how they reported "Other assets."
The press release stated that due to these corrections, their financial statements for June, September, and December 2023 are unreliable.
On this announcement, $FF fell 10.3%.
Based on these events, a $FF stockholder filed a claim against FutureFuel and its leaders, accusing them of the following:
- FutureFuel overstated the accuracy of its financial reports and internal controls.
- The company hid serious issues that led to major corrections.
Considering all the representations, investors have reasons to suspect that FutureFuel overstated its financial accuracy and hid poor financial controls.
Case Status
Voluntary Dismissed
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05/11/2024
Filing date
06/24/2024
Lead Plaintiff Deadline
08/23/2024
Judge
Shirley Padmore Mensah