LongFin Corp.

Longfin Corp. (LFIN) Accused of Including False Statements in its SEC Filings

According to the complaint, Longfin Corp. (LFIN) lied about the age of its Chief Executive Officer ("CEO"), the location of its principal offices, and listed an employee as an officer when she did not have that position. Further, Longfin acquired crypto company Ziddu.com shortly after Longfin's IPO to capitalize on the popularity of blockchain companies in order to manipulate the company's stock price. On March 26, 2018, Citron Research called Longfin a "pure stock scheme" and predicted imminent action by the U.S. Securities and Exchange Commission ("SEC") against the company due to fraud and inaccuracies in the company's filings and press releases. On Friday, April 6, 2018, the SEC halted trading of the stock and obtained an emergency freeze of $27 million in trading profits involving the CEO and three other people in order to prevent the profits from being transferred out of the country. Then on Monday, April 9, 2018, Longfin's public accounting firm resigned amid the SEC investigation.

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