SAN DIEGO & NEW YORK–(BUSINESS WIRE)–$LFIN #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP informs investors of a recently filed shareholder
derivative lawsuit by purchasers of Longfin Corp. (NasdaqGM: LFIN)
against the company’s officers and directors for alleged breaches of
fiduciary duty. 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: https://www.robbinsarroyo.com/longfin-corp-nov-2018/
Longfin Accused of Making False Statements in its SEC Filings
According to the complaint, Longfin inflated the trading price of Class
A Shares by making materially false and misleading statements
concerning: (i) the identities and qualifications of Longfin’s board
members, officers, and key employees; (ii) material weaknesses in the
company’s internal controls over financial reporting and operations;
(iii) the company’s profitability; and (iv) key facts relating to the
company’s acquisition of Ziddu.com from Meridian Enterprise Pte. Ltd.
These misstatements caused Longfin’s Class A Stock to surge to $142.82
on December 18, 2017.
On March 26, 2018, Citron Research accused Longfin of inaccuracies in
its financial reporting and fraud. That same day, Russell announced that
Longfin would be removed from its global indices after market close on
March 28, 2018. Then, 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 others to prevent the profits from being
transferred out of the country. On May 24, 2018, the company’s Class A
Stock was officially delisted from NASDAQ and began trading on the OTC,
with an opening price of $5.05. The stock is now valued at under $2.00
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.
Attorney Advertising. Past results do not guarantee a similar outcome.