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SAN FRANCISCO, April 06, 2018 -- Hagens Berman Sobol Shapiro LLP alerts investors in Longfin Corp. (NASDAQ:LFIN) to the June 4, 2018 Lead Plaintiff deadline in the securities class action pending in the United States District Court for the Southern District of New York. If you purchased or otherwise acquired securities of LongFin between December 13, 2017 and April 2, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/LFIN
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On March 22, 2018 Defendants announced LongFin joined the Russell 2000 and Russell 3000 indices.
Then, on March 23, 2018 a contributor to SeekingAlpha published his conclusion that LongFin shares rose because it was probably mistakenly added to the Russell indices.
Then, on March 26, 2018, Bloomberg reported an analyst stated Longfin’s SEC filings and press releases are riddled with fraud. That same day, Russell announced it removed LongFin from its indices.
By April 2, 2018, the Company reported serious weaknesses in internal controls over financial reporting. These include (a) lacking qualified personnel who fully understand accounting rules, (b) no formal or documented accounting policies and procedures, and (c) no formal review process around accounting journal entries recorded.
Between March 23, 2018 and April 2, 2018 the price of LongFin shares dropped $56.79 to close at $14.31 on April 2, 2018 – a loss of about 80%.
“We’re focused on investors’ losses, Longfin’s filings with the Securities and Exchange Commission concerning its purported blockchain business model, and whether Defendants engaged in accounting fraud,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Longfin should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 70+ attorneys in 11 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
