WASHINGTON--(BUSINESS WIRE)--U.S. Market Advisors Law Group PLLC announces the firm is investigating whether LongFin Corp. (NASDAQ: LFIN) violated federal securities laws. The investigation involves investors that purchased Longfin common stock between December 14, 2017 and March 25, 2018.
USMA Law Group is preparing for a securities fraud class action against Longfin. The firm’s Longfin webpage provides a proposed class action complaint (not yet filed) and other important information: http://usmarketlaw.com/longfin/. You may also contact David P. Abel, Managing Attorney of USMA Law Group, to discuss this matter at no obligation or cost: (202) 274-0237; email@example.com.
According to the proposed complaint, Longfin allegedly made false and misleading statements and failed to disclose that: (i) Longfin had material weaknesses in its operations and internal controls that hindered the company’s profitability; and (ii) Longfin did not meet the requirements for inclusion in FTSE Russell indices.
Longfin’s recent entry into blockchain markets has attracted widespread attention. On December 15, 2017, Longfin announced the acquisition of Ziddu.com, a blockchain-empowered global micro-lending solutions provider. On March 15, 2018, the global index operator Russell added the company to two widely-tracked Russell indices.
On March 26, 2018, stock commentary website Citron Research posted a tweet on Twitter.com questioning the authenticity of Longfin’s operations. The same day, Russell issued a statement announcing Longfin did not meet its requirements and would be removed from the indices, only days after being added. As a result, the price of Longfin’s common stock declined from $71.10 per share on March 23, 2018, to close at $34.68 per share on March 28, 2018, a decline of 51%.
Visit USMA Law Group’s Longfin investigation webpage for more: http://usmarketlaw.com/longfin/.
About USMA Law Group
USMA Law Group is a national law firm based in the District of Columbia. The firm represents investors in antitrust, securities and shareholder litigation. To learn more, visit www.usmarketlaw.com.