A lawsuit was filed on behalf of investors in Longfin Corp (NASDAQ:LFIN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/09/2018 -- An investor in shares of Longfin Corp (NASDAQ:LFIN) filed a lawsuit in the U.S. over alleged Securities Laws violations by Longfin Corp in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Longfin Corp (NASDAQ:LFIN) have certain options and for certain investors are short and strict deadlines running. Deadline: June 4, 2018. NASDAQ:LFIN investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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 had material weaknesses in its operations and internal controls that hindered the Company's profitability, that Longfin 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.
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.
Those who purchased shares of Longfin Corp (NASDAQ:LFIN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego