SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Longfin Corp. - LFIN

NEW YORK, April 10, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Longfin Corp. ("Longfin" or the "Company") (NASDAQ: LFIN).   Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Longfin and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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Shortly after going public, Longfin announced that it was buying Ziddu.com ("Ziddu") to enable global trade through the use of blockchain technology.  Longfin purchased Ziddu from an affiliate of its Chief Executive Officer and Chairman, Venkata S. Meenavalli, in exchange for 2.5 million Longfin Class A common shares.  

On March 26, 2018, Citron Research accused the Company of inaccuracies in its financial reporting and fraud.  Then, on April 2, 2018, Longfin filed its annual report on Form 10-K for fiscal year 2017, which revealed that the Company was subject to a Securities and Exchange Commission investigation (which ultimately led to a court-imposed freeze on $27 million in illicit trading proceeds), suffered from a multitude of material weaknesses in its internal controls over financial reporting, and may not be able to continue as a going concern.  

Following these events, Longfin's share price fell $61.21, or roughly 86%, between March 23, 2018 and April 3, 2018, closing at $9.89.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980

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SOURCE Pomerantz LLP