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LongFin Corp.

Case Summary

LongFin Corp. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 06/25/2018 (Ongoing date of last review)

Filing Date: April 03, 2018

According to the law firm press release, 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 complaint alleges that Defendants violated provisions of the Exchange Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission ("SEC"). Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Longfin had material weaknesses in its operations and internal controls that hindered the Company's profitability; (ii) Longfin did not meet the requirements for inclusion in the Russell 2000 and 3000 indices; and (iii) as a result of the foregoing, the Defendants' public statements were materially false and misleading at all relevant times.

On April 26, 2018, the Court issued an Order consolidating cases. On June 7, the Court issued an Order consolidating cases.

Company & Securities Information

Defendant: LongFin Corp.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LFIN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Karthik Reddy, et al. v. LongFin Corp., et al.

COURT: S.D. New York
DOCKET #: 18-CV-02933
JUDGE: Hon. John G. Koeltl
DATE FILED: 04/03/2018
CLASS PERIOD START: 12/15/2017
CLASS PERIOD END: 04/02/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
  2. U.S. Market Advisors Law Group PLLC
    5335 Wisconsin Ave. NW, Ste. 440, U.S. Market Advisors Law Group PLLC, DC
    202.274.0237 202.274.0237 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violations of the Federal Securities Laws 04/03/2018
2 Order 04/26/2018
3 Order 06/07/2018
4 U.S. District Court Civil Docket 06/13/2018
 
 

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