The CEO defended the company on CNBC.The controversial company disclosed an SEC probe and severe problems with its financial reporting.To blame: removal from the Russell 2000 index, and an insane valuation.The fintech and cryptocurrency company is being removed from the Russell 2000 Index. Its services include importer and exporter financing and Electronic Market Making liquidity trading platform. Law360 provides the intelligence you need to remain an expert and beat the competition. Malik’s argument emphasized a request from Longfin’s counsel to withdraw from the case in December 2018 noting that it was no longer “in the interest of the creditors of Longfin Corp” to continue fighting the case.Judge Cote’s order stated that Malik “offered sufficient evidentiary support through declarations and exhibits submitted in support of his claim for damages,” adding that “no evidentiary hearing is required.”In September 2017, Longfin launched its IPO as a Regulation A+ offering — allowing the firm to raise funds from both accredited investors and non-accredited investors while claiming exemption from many registration requirements of the Securities Exchange Act of 1934.Upon closing its $27 million IPO on Dec. 8, 2017, Longfin announced it had become “the first public-listed fintech company under Reg A+ on Nasdaq.” The same month Longfin announced that it had purchased Ziddu.com — a cloud storage platform that claimed to have morphed into a “blockchain technology empowered solutions provider.” As Cointelegraph reported back in December 2017, Longfin’s shares surged over 1,000 percent after the news broke.Shareholders quickly accused Longfin and its executives of issuing false and misleading statements that drove up the price of its shares from $5 at listing to $140 in early 2018. LongFin Corp Blogs, Comments and Archive News on Economictimes.com
The company was founded by Venkat S. Meenavalli on February 1, 2017 and is headquartered in New York, NY. A Manhattan federal judge has ruled that Longfin — a now defunct firm whose shares surged 1000% in 2017 after it bought an undervalued crypto company — must repay $223 million plus interest to investors over alleged securities fraud. OTC: LFIN
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On a good day for the stock market, LongFin made a huge leap and Conn's sank after reporting earnings.The CEO defended the company on CNBC.Despite a big gain for the market, these stocks lost ground. Find out why.The controversial company disclosed an SEC probe and severe problems with its financial reporting.On a stellar day for the broader market, see why these stocks got left behind.To blame: removal from the Russell 2000 index, and an insane valuation.The LongFin error illustrates why small companies aren't allowed in big stock indexes.The fintech and cryptocurrency company is being removed from the Russell 2000 Index.
A Manhattan federal judge has ruled that Longfin — a now defunct firm whose shares surged 1000% in 2017 after it bought an undervalued crypto company — must repay $223 million plus interest to investors over alleged securities fraud.In a July 29 order, Judge Denise Cote determined the nine-figure sum is collectively owed by Longfin, its chief executive Venkata Meenaalli, CTO Vivek Ratakonda, and the director of two related companies, Suresh Tammineedi.The ruling granted a default judgment that had been requested by lead plaintiff Mohammad Malik in January. Real time LongFin Corp (LFIN) stock price quote, stock graph, news & analysis. Longfin Corp - Ordinary Shares - Class A (LFIN) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Longfin and Meenavalli, as alleged, then engaged in a fraudulent scheme by distributing over 400,000 shares of Longfin to insiders and affiliates to meet certain Nasdaq listing criteria, without obtaining payment for any of these shares and, along with Longfin consultant Andy Altahawi, misrepresented to Nasdaq the number of qualifying shareholders and shares sold in the offering. Pink No Info | Close ... Other News Sources.
Copyright © 2020 MarketWatch, Inc. All rights reserved. Here's what happened. Find the latest LONGFIN CORP (LFIN) stock quote, history, news and other vital information to help you with your stock trading and investing. Longfin Corp. operates as a finance and technology company which specializes in structured trade finance solutions and physical commodities finance solutions.
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Its services include importer and exporter financing and Electronic Market Making liquidity trading platform. Longfin Corp. operates as a finance and technology company which specializes in structured trade finance solutions and physical ... /news/latest; 3:34a. Most of this company's business is … Here's what happened.The controversial stock surged in the morning before being halted.
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