Levi & Korsinsky LLP Announces Notice of Class Certification in In Re Longfin Corp. Securities Class Action Litigation
NEW YORK, Aug. 17, 2020 /PRNewswire/ --
IN THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
IN RE LONGFIN CORP. SECURITIES CLASS ACTION LITIGATION |
Lead Case No.: 1:18-cv-2933-DLC CLASS ACTION
|
SUMMARY NOTICE OF CLASS CERTIFICATION
This Notice is addressed to the members of the following Class of Persons:
ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED LONGFIN'S CLASS A COMMON STOCK DURING THE PERIOD FROM DECEMBER 13, 2017 THROUGH APRIL 6, 2018, INCLUSIVE (THE "CLASS PERIOD"), AND WERE INJURED THEREBY.
Your Rights May Be Affected
This Action was filed on April 3, 2018, and was brought by Plaintiffs Mohammad A. Malik and Karthik Reddy ("Plaintiffs") against Defendants Longfin Corp., Venkat S. Meenavalli, Vivek Kumar Ratakinda, and Suresh Tammineedi ("Defendants"). This Action was also brought against Network 1, Andy Altahawi, and Dorababu Penumarthi, who are no longer Defendants in this Action.
Plaintiffs allege that between December 13, 2017 through April 6, 2018 (the "Class Period"), Defendants perpetrated a securities fraud that included false statements and insider trading. The alleged scheme included (1) the Defendants improperly obtaining a listing for Longfin Stock on the NASDAQ stock exchange, (2) the Defendants manipulating the price of Longfin Stock after that listing by making false and misleading statements about Longfin's acquisition of Ziddu.com, and after the Longfin Stock price rose in response to this news, (3) the Defendants wrongfully profiting from that inflated stock price by illegally selling their own Longfin Stock between December 13, 2017 and March 22, 2018. The price of Longfin Stock dropped precipitously when the Securities and Exchange Commission ("SEC") announced that it was investigating Longfin.
On May 14, 2020, the Court ordered that this Action be certified as a class action, that Mohammad A. Malik be appointed Class Representative, and that Levi & Korsinsky, LLP be appointed Class Counsel, and that this Summary Notice be sent to all members of the Class.
The Court will exclude from the Class all members of the Class who wish to be excluded. To be excluded from the Class, each member must make a written request to be excluded. Such a request must contain the following information: (i) your name; (ii) your address; (iii) your telephone number; (iv) a statement confirming that you want to opt out of the class; (v) the number of Longfin shares you purchased and sold during the Class Period; and (vi) the name and case number of this Action, "In Re Longfin Corp. Securities Class Action Litigation, Lead Case No.: 1:18-cv-2933-DLC." All requests for exclusion must be sent to the following address: Longfin Securities Litigation, c/o Epiq, P.O. Box 3207, Portland, OR 97208-3207. Exclusion requests must be postmarked no later than October 1, 2020. Subject to the Court's discretion, this will be the only opportunity a Class member will have to be excluded from the Class.
Additional information about this Class Action, including a copy of the full Court-ordered Notice, can be found at www.LongfinSecuritiesLitigation.com, or by writing to Longfin Securities Litigation, c/o Epiq, P.O. Box 3207, Portland, OR 97208-3207.
For further information, you may contact class counsel:
Donald J. Enright
Levi & Korsinsky, LLP
1101 30th Street, N.W., Suite 115
Washington, DC 20007
Telephone: (202) 524-4290
SOURCE United States District Court for the Southern District of New York
Related Links
http://www.LongfinSecuritiesLitigation.com
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