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. Plaintiffs filed an amended Complaint on July 27. On August 14, the Court issued an Order appointing Lead Plaintiff and Counsel. Defendants filed a Motion to Dismiss the amended Complaint on October 9. On January 4, 2019, Default was entered against Defendant Longfin. On January 22, Default was entered against two of the individual Defendants and the Motion to Dismiss filed on October 9, 2018, was denied as moot. On June 6, 2019, Default was entered against an individual Defendant. Lead Plaintiff filed a second amended Complaint on June 28.

Lead Plaintiff filed a Motion to Certify Class on January 3, 2020. On May 14, the Court issued an Order Certifying a Class.

On April 24, 2020, Lead Plaintiff voluntarily dismissed two of the Individual Defendants. On July 29, the Court issued an Order granting Lead Plaintiff's Motion for Default Judgment and granted compensatory damages to the Lead Plaintiff.