SAN DIEGO & NEW YORK--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP informs investors of a recently filed lawsuit by purchasers of Longfin Corp. (LFIN) against the company's officers and directors for violations of federal securities laws. Longfin is an independent finance and technology company in the United States and internationally.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/longfin-corp-nov-2018-2/
Longfin Accused of Issuing Unregistered Securities
According to the complaint, Longfin inflated the trading price of Class A Shares by making materially false and misleading statements concerning the identities and qualifications of Longfin's board members, material weaknesses in the company's internal controls over financial reporting and operations, and its profitability. These misstatements were designed to and caused the public to purchase unregistered securities, which surged to $142.82 on December 18, 2017.
On March 26, 2018, Citron Research accused Longfin of inaccuracies in its financial reporting and fraud. That same day, Russell announced that Longfin would be removed from its global indices after market close on March 28, 2018. Then, on Friday, April 6, 2018, the SEC halted trading of the stock and obtained an emergency freeze of $27 million in trading profits involving the CEO and others to prevent the profits from being transferred out of the country. On May 24, 2018, the company's Class A Stock was officially delisted from NASDAQ and began trading on the OTC with an opening price of $5.05. The stock is now valued at under $2.00 per share.
Longfin Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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