PITTSBURGH, PA / ACCESSWIRE / April 13, 2018 / Pittsburgh Law Office of Alfred G. Yates Jr. PC announces that a class action lawsuit has been filed against Longfin Corp. ("Longfin" or the "Company") (LFIN) and its CEO in the United States District Court, Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired common shares of Longfin between December 15, 2017 and April 2, 2018 (the "Class Period").
If you are a shareholder who purchased Longfin securities during the Class Period, you have until June 4, 2018 to ask the Court to appoint you as Lead Plaintiff for the class. Concerned shareholders who would like more information about their rights and potential remedies may contact attorney Alfred G. Yates Jr. by phone at (412) 391-5164 or 1-844-391-5164; by email at email@example.com or firstname.lastname@example.org; or at the firm's website at http://www.yatesclassactionlaw.com.
The complaint alleges that, throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that: (i) Longfin had misrepresented the location of its primary offices and the identity of key employees in its public statements; (ii) Longfin had numerous material weaknesses in its operations and internal controls over financial reporting; (iii) Longfin was ineligible for inclusion in the Russell Indices; and (iv) as a result of the foregoing, defendants' statements were materially false and misleading at all relevant times. As a result of defendants' false statements and/or omissions, the price of Longfin shares was artificially inflated throughout the Class Period.
On March 26, 2018, Citron Research accused the Company of inaccuracies in its financial reporting and fraud. The same day, Russell issued a statement announcing that Longfin would be removed from its global indices after market close on March 28, 2018, approximately 12 days after being added. Then, on April 2, 2018, Longfin filed its annual report on Form 10-K for its 2017 fiscal year, which revealed that the Company was subject to an SEC investigation (which ultimately led to a court-imposed freeze on $27 million in illicit trading proceeds), suffered from a multitude of material weaknesses in its internal controls over financial reporting, and may not be able to continue as a going concern. The foregoing events caused the price of the Company's stock to decline 86%, from $71.10 per share on March 23, 2018, to close at $9.89 per share on April 3, 2018.
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SOURCE: Law Office of Alfred G. Yates Jr., P.C.