WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Longfin Corp. (NASDAQ CM: LFIN)?
- Did you purchase your shares between December 13, 2017 and April 2, 2018, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities that purchased the common stock of Longfin Corp. (“Longfin” or the “Company”) (NASDAQ CM: LFIN) between December 13, 2017 and April 2, 2018, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Longfin during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at firstname.lastname@example.org.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) Longfin included several false statements in its SEC filings in connection with its IPO which prompted an SEC investigation, including wrongly representing Defendant Meenavalli’s age, location of Longfin’s principal offices, and listing Sarah Altahawi as an officer when she did not have that position; (2) Longfin acquired Ziddu.com shortly after the IPO to capitalize on the popularly of blockchain companies in order to manipulate the Company’s stock price; (3) Longfin’s acquisition of Ziddu.com prompted an SEC investigation; (4) Longfin knew that it was ineligible to be listed on the Russell 2000 and 3000 indices; and (5) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on March 26, 2018, Citron Research, a noted short seller, sent a tweet alerting investors that Longfin “is a pure stock scheme” and that an SEC enforcement action should not be far behind as “[f]ilings and press releases are riddled with inaccuracies and fraud.” CNBC wrote also the article “Shares of cryptocurrency play Longfin drop after short seller Citron calls it a 'pure stock scheme.’”
Then, on April 2, 2018, Longfin filed its annual report on Form 10-K for the year ended December 31, 2017 with the SEC disclosing an SEC probe into the documents related to the IPO and acquisition of Ziddu.com. Further, on the same day, The Wall Street Journal published the article, “Up-and-Down IPO Longfin Is Facing an SEC Probe,” which discussed the SEC’s investigation into Longfin.
On this news, shares of Longfin declined over 30%, closing at $9.89 per share on April 3, 2018, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 2, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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