STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Longfin Corp. (Nasdaq: LFIN) (“Longfin” or the “Company”) securities during the period between December 13, 2017 and April 2, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until June 4, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Longfin securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Longfin included several false statements in its Securities and Exchange Commission (“SEC”) filings in connection with its initial public offering (“IPO”) which prompted an SEC investigation, that 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, that Longfin’s acquisition of Ziddu.com prompted an SEC investigation, and that Longfin knew that it was ineligible to be listed on the Russell 2000 and 3000 indices.
According to the complaint, following a March 26, 2018 Citron Research tweet alerting investors that Longfin is a pure stock scheme and that an SEC enforcement action should not be far behind and an April 2, 2018 announcement of the SEC investigation into the documents related to the IPO and acquisition of Ziddu.com, the value of Longfin shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Longfin securities purchased on or after December 13, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.