Skip to Content

LongFin Corporation (NASDAQ: LFIN)

Securities Class Action

Overview
  • Date:
  • 4/4/2018
  • Company Name:
  • LongFin Corporation
  • Stock Symbol:
  • LFIN
  • Class Period:
  • FROM 12/15/2017 TO 4/2/2018
  • Status:
  • Closed/Complete
  • Court:
  • U.S. District Court: Southern District of New York

Case Finder

Locate any case using the tools below.

NEW YORK, April 4, 2018 – Bragar Eagel & Squire, P.C. announces to investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired LongFin Corporation (NASDAQ: LFIN) securities between December 15, 2017 and April 2, 2018 (the “Class Period”).  Investors have until June 4, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Longfin is a finance and technology company that provides trade and physical commodities solutions for finance businesses and trading platforms. Longfin recently began using blockchain technology to enable global trade finance solutions.

The complaint alleges that Defendants violated provisions of the Exchange Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission ("SEC"). Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Longfin had material weaknesses in its operations and internal controls that hindered the Company's profitability; (ii) Longfin did not meet the requirements for inclusion in the Russell 2000 and 3000 indices; and (iii) as a result of the foregoing, the Defendants' public statements were materially false and misleading at all relevant times.

On March 26, 2018, Citron Research ("Citron") posted a tweet on Twitter.com questioning the veracity of Longfin's operations. The same day, Russell issued a statement announcing Longfin would be removed from its indices after market close on March 28, 2018, only approximately 12 days after being added.

These events caused the price of the Company's stock to decline from $71.10 per share on March 23, 2018, to close at $14.31 per share on April 2, 2018, a decline of 79.9%, damaging investors.

On April 2, 2018, after the market closed, Longfin filed its 2017 annual report with the SEC. The annual report confirmed that Longfin had material weakness in its internal control over financial reporting, was not profitable, and was the subject of an SEC investigation.

If you purchased or otherwise acquired Longfin securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

Case Finder

Locate any case using the tools below.

You may share a link to this page on any of the sites listed below or send link via email: