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According to the Complaint, the Company issued false and/or misleading statements and/or failed to disclose that: (1) Longfin included several false statements in its SEC filings in connection with its IPO which prompted an SEC investigation, including wrongly representing Defendant Meenavalli’s age, location of Longfin’s principal offices, and listing Sarah Altahawi as an officer when she did not have that position; (2) Longfin acquired Ziddu.com shortly after the IPO to capitalize on the popularly of blockchain companies in order to manipulate the Company’s stock price; (3) Longfin’s acquisition of Ziddu.com prompted an SEC investigation; (4) Longfin knew that it was ineligible to be listed on the Russell 2000 and 3000 indices; and (5) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the truth was revealed to the investing public, shares dropped, causing shareholders harm.
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