NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/longfin/) updates purchasers of Longfin Corp. (“Longfin”) (NASDAQ:LFIN) Class A common stock during the period between December 15, 2017 and April 2, 2018 (the “Class Period”) regarding a class action Robbins Geller filed in the Southern District of New York captioned Miller v. Longfin Corp., et al., No.18-cv-3121.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from April 3, 2018. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/longfin/. Any member of the putative 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.
The complaint charges finance and technology company Longfin and its CEO with violations of the Securities Exchange Act of 1934. 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 2000 Index and Russell 3000 Index; 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 Class A shares was artificially inflated throughout the Class Period.
On April 6, 2018, the SEC announced that it had obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin stock involving the company, its CEO, and three other affiliated individuals. On May 1, 2018, the Honorable Denise Cote of the United States District Court for the Southern District of New York granted the SEC’s motion for a preliminary injunction extending the SEC’s freeze of assets for several Longfin insiders related to the allegedly illegal insider trading scheme pending trial.
Plaintiff seeks to recover damages on behalf of all purchasers of Longfin Class A common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.