SAN FRANCISCO, April 9, 2018 /PRNewswire-USNewswire/
-- Shareholder and consumer rights law firm Schubert Jonckheer
& Kolbe LLP is investigating Longfin Corp. ("Longfin" or the
"Company") (NASDAQ: LFIN) for potential securities law violations.
Investors who purchased Longfin securities in the Company's
December 2017 initial public offering
("IPO") through April 2, 2018 may be
affected.
On March 26, 2018, Citron Research
reported that Longfin was "a pure stock scheme" and that
its public statements "are riddled with inaccuracies and
fraud." On March 27, 2018,
Bloomberg reported that the Company was being removed from the
Russell 2000 Index, less than two weeks after joining. On this
news, shares of Longfin fell by over $36 in two trading days.
On April 2, 2018 after the market closed, Longfin
filed its Form 10-K Annual Report in which it disclosed that on
March 5, 2018, "the Division of
Enforcement of the SEC informed the Company that it is conducting
an investigation In the Matter of Trading in the Securities
of Longfin Corp. and requested that the Company provide
certain documents in connection with its investigation, including
documents related to the IPO and other financings and the
acquisition of Ziddu.com." Longfin closed on April 3rd at
$9.89 per share, down over 90% from a
high of over $142 on December 18, 2017.
On April 6, 2018, an SEC complaint
against Longfin and three insiders was unsealed in the United States District Court for the
Southern District of New York
alleging violations of the federal securities laws, and the SEC
obtained a court order freezing more than $27 million in trading proceeds from allegedly
unlawful stock sales. The SEC complaint alleges that Longfin failed
to make required SEC filings and that the defendants sold
unregistered Longfin securities into the market. Also on
April 6, 2018, NASDAQ halted trading
of Longfin stock.
If you wish to obtain additional information about the Schubert
Law Firm's investigation and your legal rights, please contact
Willem F. Jonckheer via email at
wjonckheer@schubertlawfirm.com or by telephone at (415) 788-4220,
or fill out the form on our website at
http://classactionlawyers.com/longfin.
About Schubert Jonckheer & Kolbe
Schubert Jonckheer & Kolbe has extensive experience in
prosecuting securities claims, representing investors throughout
the nation in securities and shareholder lawsuits. Attorney
advertising. Prior results do not guarantee similar
outcomes.
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SOURCE Schubert Jonckheer & Kolbe LLP