Search Blog
Categories
April 2018
M T W T F S S
« Mar   May »
 1
2345678
9101112131415
16171819202122
23242526272829
30  

Tags

Wolf Haldenstein: Longfin Corp. Investor Reminder

ACCESSWIRE

By Wolf Haldenstein Adler Freeman & Herz LLP

Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Federal Securities Class Action Has Been Filed Against Longfin Corp. in the United States District Court for the Southern District of New York

LEAD PLAINTIFF DEADLINE IS JUNE 4, 2018

NEW YORK, NY / ACCESSWIRE / April 17, 2018 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Longfin Corp. (”Longfin” or the ”Company”) (NASDAQ: LFIN) in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired Longfin common stock between December 15, 2017 and April 2, 2018, inclusive (the ”Class Period”).

Longfin Corp. describes itself as an independent finance and technology company, offering commodity trading, alternate risk transfer, and carry trade financing services. Longfin also claims to provide hedging and risk management solutions to importers, exporters and small to medium business enterprises.

Investors who have incurred losses in shares of Longfin Corp. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information
concerning the firm on our website, www.whafh.com.

The field complaint alleges that Defendants issued 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:

  • Longfin had material weaknesses in its operations and internal controls that hindered the Company’s profitability;
  • Longfin did not meet the requirements for inclusion in the Russell 2000 and 3000 indices; and
  • 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 reported that Longfin was ”a pure stock scheme” and its ”[f]ilings and press
releases are riddled with inaccuracies and fraud.”

Subsequently, on March 27, 2018, Bloomberg reported that the Company was being removed from the Russell 2000 Index, less than two weeks after joining, as well as the Russell Global Index and the Russell Developed Index. On this news, shares of Longfin fell $36.42 –over 50%– in two trading days, from market close on March 23, 2018 to market close on March 27, 2018.

After the close of trading on April 2nd, the Company, whose shares skyrocketed after touting ties to cryptocurrencies, announced that it is being investigated by the SEC. Longfin was informed on March 5th of the probe, which seeks certain documents related to the company’s Initial Public Offering (IPO) and the December 15, 2017 acquisition of Ziddu.com.

Longfin closed on April 3rd at $9.89 per share, down an astonishing 93% from the high of $142.82 reached on December 18, 2017.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf
Haldenstein
by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

SOURCE: Wolf Haldenstein Adler Freeman and Herz LLP

ReleaseID: 496363