BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Longfin Corp. (“Longfin” or the “Company”) (NASDAQ: LFIN) securities between December 13, 2017 and April 2, 2018, inclusive (the “Class Period”). Longfin investors have June 4, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Longfin investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 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.
Shares of Longfin were halted for weeks, following the Company’s non-compliance with NASDAQ listing rules. On May 24, 2017, the shares resumed trading and immediately dropped nearly 80%, or over $21 share during intraday trading on May 24, 2018.
If you purchased shares of Longfin, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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