SAN DIEGO, CA / ACCESSWIRE / April 23, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in NASDAQ: LFIN shares over alleged Securities Laws Violations by Longfin Corp.
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 mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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.
On April 3, 2018, a lawsuit was filed against Longfin Corp. over alleged violations of securities laws. The plaintiff claims that 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 April 5, 2018, Longfin Corp. was notified that its independent registered public accounting firm had resigned its engagement with the Company, which resignation was effective immediately.
On April 6, 2018, Longfin Corp. received a notice from the NASDAQ Stock Market LLC indicating that the Company is no longer in compliance with a NASDAQ Listing Rule due to the Company's inability to timely file its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017 with the U.S. Securities & Exchange Commission (the "SEC").
Those who purchased Longfin Corp (NASDAQ: LFIN) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
