02:14 PM EDT, 09/04/2024 (MT Newswires) -- EHang Holdings ( EH ) said Wednesday that rumors about the company's alleged involvement in a federal investigation of Chris Hu were baseless.

"EHang ( EH ) unequivocally denies this," it said. The company's management and Huazhi Hu, its founder, chairman and CEO, have "no relatives or any personal connections involved in the incident."

Chris Hu has been charged over alleged money laundering conspiracy and bank fraud, according to the US Department of Justice.

EHang ( EH ) shares were down over 10% in recent trading.

Price: 12.21, Change: -1.43, Percent Change: -10.48