| COMPANY |
Longfin Corporation |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
18-cv-02933 |
| JUDGE |
The Hon. Denise L. Cote |
| CLASS PERIOD |
December 13, 2017 - April 6, 2017 |
| SECURITY TYPE |
Common stock |
Case Background:
On April 3, 2018, the initial complaint in this securities class action was filed against Longfin Corporation (“Longfin” or the “Company”), and certain of Longfin’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons or entities who purchased or acquired Longfin’s Class A common stock between December 13, 2017 and April 6, 2017, both dates inclusive (the “Class Period”).
The complaint alleges Defendants inflated the trading price of Longfin common stock by making materially false and misleading statements or omitting material statements of facts concerning: (1) Longfin’s eligibility to list its common stock on NASDAQ; (2) the location of the Company’s principal place of business and its compliance with requirements to conduct a public offering under Regulation A; (3) the number of shares of Longfin common stock purportedly issued pursuant to the Regulation A exemption; (4) Longfin common stock’s public float; (5) the Company’s acquisition of Ziddu.com from Meridian Enterprises Pte. Ltd. (“Meridian Enterprises”) and related party transactions attendant thereto; (6) Ziddu.com’s involvement with blockchain technologies, operational status, revenue, and value; (7) the identities and qualifications of Longfin’s board members, officers, and key employees; (8) material weaknesses in the Company’s internal controls over financial reporting and operations; (9) the Company’s operations and profitability.
Current Status of Case:
In January and April 2019, the Court entered default judgments against the Defendants. On January 3, 2020, Plaintiffs filed a Motion for Entry of Default Judgment against the defaulting Defendants for $223,037,680.00. On July 29, 2020, the Court issued an Order granting Plaintiffs’ Motion for Default Judgment and granting compensatory damages to the Plaintiffs. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.