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Longfin Corp (NASDAQ: LFIN) Investor Securities Class Action Lawsuit 04/03/2018

  • If you purchased shares of Longfin Corp (NASDAQ: LFIN), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Longfin Corp
Security
NASDAQ: LFIN

Case Name
Longfin Shareholder Class Action Lawsuit 04/03/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$0.00

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Summary

September 1, 2020 - A notice appealing the court's judgement of August 11, 2020, as well as two previous orders was filed.

August 11, 2020 - The court entered final judgement.

July 29, 2020 - The court issued an order granting a motion for default judgement and granted compensatory damages to the plaintiff.

June 28, 2019 - A second amended complaint was filed.

October 9, 2018 - A motion to dismiss the amended complaint was filed.

July 27, 2018 - An amended complaint was filed.

April 3, 2018 - An investor in shares of Longfin Corp (NASDAQ: LFIN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Longfin Corp in connection with certain allegedly false and misleading statements made between December 15, 2017 and April 2, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Longfin Corp (NASDAQ: LFIN) common shares between December 15, 2017 and April 2, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between December 15, 2017 and April 2, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Longfin Corp had material weaknesses in its operations and internal controls that hindered the Company's profitability, that Longfin Corp did not meet the requirements for inclusion in the Russell 2000 and 3000 indices, and that as a result of the foregoing, the defendants' public statements were materially false and misleading at all relevant times.

New York based Longfin Corp is a finance and technology company. Shares of Longfin Corp (NASDAQ: LFIN) declined from $87.74 per share on December 19, 2017 to as low as $36.76 per share on December 22, 2017.

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

On April 2, 2018, after the market closed, Longfin Corp filed its 2017 annual report with the SEC. The annual report confirmed that Longfin Corp had material weakness in its internal control over financial reporting, was not profitable, and was the subject of an SEC investigation.

Shares of Longfin Corp (NASDAQ: LFIN) declined from $74.50 per share on March 23, 2018 to as low as $9.41 per share on April 3, 2018.

Date Settled