LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Longfin Corp. (“Longfin” or the “Company”) (NASDAQ: LFIN) between December 13, 2017 and April 2, 2018, inclusive (the “Class Period”). Longfin investors have until June 4, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Longfin page on our website at www.glancylaw.com/case/longfin-corp. Investors that suffered losses on their Longfin investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Longfin had misrepresented material facts about its business and operations, including the extent of its capabilities at its New York offices and the identity and qualifications of key employees; (ii) Longfin had material weaknesses in its operations and internal controls over financial reporting; (iii) Longfin was ineligible for inclusion in the Russell Indices; (iv) Longfin's lack of profitability had imperiled its ability to continue as a going concern; and (v) as a result of the foregoing, Longfin’s financial statements and Defendants' statements about Longfin's business, operations, and prospects, were materially false and misleading at all relevant times.
On March 26, 2018, Citron Research reported that the Company was “a pure stock scheme” and “[f]ilings and press releases are riddled with inaccuracies and fraud.” Then on March 27, 2018, Bloomberg reported that the Company was being removed from the Russell 2000 Index, less than two weeks after joining, as well as the Russell Global Index and the Russell Developed Index. On this news, shares of Longfin fell $24.60, or 41%, to close at $34.68, on March 27, 2018, thereby injuring investors.
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If you purchased shares of Longfin during the Class Period you may move the Court no later than June 4, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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