SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Longfin Corp. (NasdaqGM: LFIN) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between December 13, 2017 and April 2, 2018. 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: www.robbinsarroyo.com/longfin-corp
Longfin Accused of Including False Statements in its SEC Filings
According to the complaint, Longfin lied about the age of its Chief Executive Officer ("CEO"), the location of its principal offices, and listed an employee as an officer when she did not have that position. Further, Longfin acquired crypto company Ziddu.com shortly after Longfin's IPO to capitalize on the popularity of blockchain companies in order to manipulate the company's stock price. On March 26, 2018, Citron Research called Longfin a "pure stock scheme" and predicted imminent action by the U.S. Securities and Exchange Commission ("SEC") against the company due to fraud and inaccuracies in the company's filings and press releases. 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 three other people in order to prevent the profits from being transferred out of the country. Then on Monday, April 9, 2018, Longfin's public accounting firm resigned amid the SEC investigation.
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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