Longfin Corp.
| Public | |
| Traded as | OTC Pink: LFIN |
| ISIN | 🆔 |
| Industry | Blockchain |
| Founded 📆 | |
| Founder 👔 | |
| Headquarters 🏙️ | , , United States |
Area served 🗺️ | |
Key people | Venkata S. Meenavalli (CEO)[1] |
| Members | |
Number of employees | |
| 🌐 Website | http://www.longfincorp.com/ |
| 📇 Address | |
| 📞 telephone | |
Longfin NASDAQ: LFIN is a publicly traded American company involved in blockchain technology. It was established in December 2017 and the same month made headlines when its stock price increased more than 200%.[2][3] The stock price then fell by over 90%.[4] The following month, the Securities and Exchange Commission started an investigation into the company.[5]
On March 26, 2018, shares of Longfin dropped after short seller Citron calls it a 'pure stock scheme'. "If you are fortunate enough to get a borrow, indeed $LFIN is a pure stock scheme," Andrew Left's Citron Research said in a Monday morning tweet. "@sec_enforcement should not be far behind. Filings and press releases are riddled with inaccuracies and fraud." [6]
On April 6, 2018, trading of Longfin stock was halted by the SEC and $27 million in allegedly illicit trading profits were frozen as an emergency measure to prevent the money from leaving the U.S. The SEC alleges that CEO and Chairman Venkat Meenavalli issued unregistered stock to three associates who then illegally sold the stock to the public.[7][4]
References[edit]
- ↑ http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12488791&RcvdDate=1/23/2018&CoName=LONGFIN%20CORP&FormType=8-K&View=html
- ↑ Franck, Thomas (December 18, 2017). "Bitcoin madness: Small-cap Longfin soars 2,000% after acquiring blockchain company". CNBC.
- ↑ "Bitcoin craze: Amitabh Bachchan gets over $100 mn top-up; wiped out in days". The Tribune. India. December 24, 2017. Retrieved January 14, 2018.
- ↑ 4.0 4.1 Rooney, Kate (April 6, 2018). "SEC takes aim at controversial crypto company Longfin, freezes $27 million in proceeds from insider stock sales". CNBC. Retrieved April 9, 2018.
- ↑ "I'm in awe of how far the scams & stupidities around 'blockchain stocks' are going". Business Insider.
- ↑ "CNBC".
- ↑ https://www.sec.gov/news/press-release/2018-61. Missing or empty
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Further reading[edit]
- Cheng, Evelyn (18 December 2017). "CEO of cryptocurrency play up 1,000% in 2 days to $3.1 billion: 'This market cap is not justified'". CNBC.
- Cheng, Evelyn (27 March 2018). "Longfin loses more than a third of its value after the controversial cryptocurrency stock is booted from the Russell 2000 index". CNBC.
- Cheng, Evelyn (4 April 2018). "CEO of controversial crypto company Longfin blames short sellers for stock plunge". CNBC.
- Cheng, Evelyn (9 April 2018). "Controversial crypto company Longfin says accounting firm has resigned amid SEC investigation". CNBC.
- Chronicle., Deccan (14 December 2017). "Indian origin entrepreneur lists firm in US". Deccan Chronicle.
- Collins, Jim (20 December 2017). "The Curious Case Of Longfin Illustrates The Scale Of Cryptocurrency Mania". Forbes.
- Driebusch, Corrie; Chung, Juliet (6 February 2018). "IPO Shortcuts Put Burden on Investors to Identify Risk". WSJ.
- Eaglesham, Jean; Back, Aaron (2 April 2018). "Up-and-Down IPO Longfin Is Facing an SEC Probe". WSJ.
- Ghosh, Sugata (20 December 2017). "From $250,000 to $17.5mn in less than 3 years, Bachchans make a killing on Bitcoin wave". The Economic Times.
- Heller, Matthew (9 April 2018). "Blockchain Firm Accused of Illegal Stock Sales -". CFO.
- Katz, Lily (19 December 2017). "Crypto Wannabe CEO Helps Pop Own Bubble With Unusual Interview". Bloomberg.
- Katz, Lily (26 March 2018). "Fintech-Turned-Crypto Firm Tumbles as Citron Alleges Fraud". Bloomberg.
- Knutson, Ted (6 April 2018). "SEC Freezes $27M In Trading Profits From Affiliates Of Nasdaq-Listed Cryptocurrency Firm". Forbes.
- Larson, Erik (2 May 2018). "Federal Judge Backs SEC Freeze of Blockchain-Linked Funds". Bloomberg.
- Levine, Matt (10 April 2018). "SEC Had an Easy Time Busting a Fintech Company and Its Wizard CEO". Bloomberg.
- Robinson, Matt (6 April 2018). "Longfin Sale Proceeds Frozen as SEC Alleges Illegal Trading". Bloomberg.
- Rooney, Kate (6 April 2018). "SEC targets controversial crypto firm Longfin, freezes $27 million in proceeds from insider stock sales". CNBC.
- Segarra, Lisa Marie (19 December 2017). "Longfin CEO Warns 1,000% Stock Rise Is 'Not a Reality'". Fortune.
- Smith, Peter (4 April 2018). "Investors nurse $10m losses on LongFin index mistake". Financial Times.
- Sukumar, C R (10 April 2018). "Indian-origin entrepreneur under SEC scanner for securities violations". The Economic Times.
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