Skip to main content

Market Overview

Scott+Scott Attorneys at Law LLP Reminds Investors of Securities Class Actions Against Longfin Corp. (LFIN) and June 4 Lead Plaintiff Deadline


Attorneys at Law LLP
("Scott+Scott"), a national securities and
consumer rights litigation firm, reminds investors of pending class
action lawsuits against Longfin Corp. ("Longfin" or the "Company")
(NASDAQ:LFIN) and certain of its officers, related to alleged
violations of federal securities laws. If you purchased Longfin
securities between December 15, 2017 and April 2, 2018, you are
encouraged to contact a Scott+Scott attorney at (844) 818-6980 for
additional information. The lead plaintiff deadline is June 4, 2018.

Longfin is a finance and technology company that provides trade and
physical commodities solutions for finance businesses and trading
platforms. Longfin recently began using blockchain technology to enable
global trade finance solutions.

The lawsuit alleges that Defendants issued false and misleading
statements to investors, including failing to disclose that: (i) Longfin
had material weaknesses in its operations and internal controls that
hindered the Company's profitability; and (ii) Longfin did not meet the
requirements for inclusion in the Russell 2000 and 3000 indices.

On March 26, 2018, Citron Research ("Citron") posted a tweet on Twitter
questioning the veracity of Longfin's operations. The same day, Russell
issued a statement announcing Longfin would be removed from its indices
after market close on March 28, 2018, approximately 12 days after being

These events caused the price of the Company's stock to decline from
$71.10 per share on March 23, 2018, to close at $14.31 per share on
April 2, 2018, a decline of 79.9%.

On April 2, 2018, after the market closed, Longfin filed its 2017 annual
report (Form 10-K) with the Securities and Exchange Commission ("SEC").
The annual report confirmed that Longfin had material weakness in its
internal control over financial reporting, was not profitable, and was
the subject of an SEC investigation (which later led to a Court-imposed
freeze on $27 million in illicit trading proceeds).

On this news, Longfin's share price fell another $4.42, or 30.88%, to
close at $9.89 on April 3, 2018.

What You Can Do

If you wish to discuss these lawsuits or have any questions concerning
this notice or your legal rights, please contact attorney Rhiana Swartz
at (844) 818-6980, or via email at
Investors have until June 4, 2018, to move for lead plaintiff.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities,
antitrust, and employee retirement plan actions throughout the United
States. The firm represents pension funds, foundations, individuals, and
other entities worldwide with offices in New York, London, Connecticut,
California, and Ohio.

Attorney Advertising

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at