Securities and Exchange Commission v. Longfin Corp., et al. (Case No.: 18-cv-2977-DLC, S.D.N.Y.)
You or someone in your family may have purchased Longfin Class A common stock, traded on the NASDAQ under the trading symbol LFIN (“Security”) during the period June 16, 2017, through April 6, 2018, inclusive (“Recovery Period”).
You may review a copy of the Distribution Plan Notice here.Back To Top
The Commission alleged that, from December 2017 to February 2018, the Defendants violated the federal securities laws by conducting sales of over $27 million of Longfin’s securities through unregistered distributions. The Honorable Denise L. Cote of the United States District Court for the Southern District of New York (the “Court”) has since entered final judgments against all of the Defendants, ordering them, in the aggregate, to pay disgorgement of $22,862,377.23 and civil penalties of $3,582,941.97, for a total monetary liability of $26,445,319.20. Each of the final judgments orders the Commission to hold the funds pending further order of the Court. The Defendants have paid approximately $26.1 million and these collections were held in an interest-bearing account at the U.S. Treasury’s Bureau of Fiscal Service.
On April 15, 2020, the Court entered an order establishing a Fair Fund for the monies paid into the Fund (the “Longfin Fair Fund”), appointing Miller Kaplan Arase LLP as the Tax Administrator for the Fair Fund, and Epiq Class Action and Claims Solutions, Inc. (“Epiq”) as the Distribution Agent of the Fair Fund.
Any earnings, interest, and future funds collected pursuant to the Defendants’ final judgments will be added to the Longfin Fair Fund, as well as any funds from related actions directed to the Longfin Fair Fund by order of the Court, the SEC, or otherwise.
By order dated September 21, 2020, a Fair Fund was established pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002 in SEC v. Longfin Corp. and Venkata S. Meenavalli, 19-cv-5296-DLC (the “Related Litigation”), which consolidated the approximately $300,000 collected from the defendants in the Related Litigation, plus any accrued interest and future collections, with the Longfin Fair Fund for distribution to harmed investors pursuant to the Court-approved distribution plan in SEC v. Longfin Corp., et al., Civ. Act. No. 18-cv-2977-DLC (S.D.N.Y.).
The approved Plan of Distribution and Order are posted below, as well as on the SEC’s webpage for this matter, https://www.sec.gov/divisions/enforce/claims/longfin.htm.Back To Top
The Recovery Period is June 16, 2017, through April 6, 2018, inclusiveBack To Top
Individuals and entities, or their lawful successors, who purchased Longfin Class A common stock, traded on the NASDAQ under the trading symbol LFIN (“Security”) during the period June 16, 2017, through April 6, 2018, inclusive (“Recovery Period”). and suffered a loss according to the Distribution Plan, which can be found here.Back To Top
The Defendants have paid approximately $26.1 million and these collections are held in the Longfin Fair Fund.
Any earnings, interest, and future funds collected pursuant to the Defendants’ final judgments will be added to the Longfin Fair Fund, as well as any funds from related actions directed to the Longfin Fair Fund by order of the Court, the SEC, or otherwise.Back To Top
To qualify for a payment from the Longfin Fair Fund, you must may have purchased Longfin Class A common stock, traded on the NASDAQ under the trading symbol LFIN (“Security”) during the period June 16, 2017, through April 6, 2018, inclusive (“Recovery Period”) and you must submit a completed Claim Form with the necessary documentation so that it is postmarked (or if not sent by U.S. Mail, received) by December 14, 2020 (the “Claims Bar Date”) and not be one of the excluded parties.Back To Top
Epiq is the Distribution Agent hired to fulfill certain responsibilities in this case such as mailings, review of claims, distribution and other administration tasks.Back To Top
As a long-established legal services firm, our electronic systems, software applications, employee and operational protocols are all designed to afford utmost protection and security for the case information provided to us. Further, we are obligated to fulfill the security requirements mandated by the various Court Jurisdictions and Governmental Entities that oversee the various types of cases we administer.Back To Top
Depending on how you acquired the shares of Longfin Class A common stock, you will either need to contact your broker or tax advisor to retain the necessary documentation to file a Claim Form. Essentially, you will need to contact the person/party from whom you purchased the stock. Acceptable supporting documentation must be included with your completed Claim Form, or your claim may be rejectedBack To Top
Acceptable documentation must include the name of the owner or owners of the account for which you are filing a claim, the name of the broker through whom the security was traded, trade date, number of shares purchased, acquired and/or sold, and price paid (excluding broker's commissions, taxes and fees). Acceptable documentation includes contract notes, brokers’ confirmation slips, account activity pages from brokers’ computer printouts (including the front page), or account activity pages from brokers’ monthly statements (including the front page), if those statements contain the required information. Letters from your broker are acceptable only if they are on the brokers’ letterhead and contain the required information listed above. Your own records or certificates DO NOT constitute acceptable documentation. We cannot pre-approve any documentation as acceptable without seeing it first.Back To Top
You may contact the Distribution Agent by calling 1-855-917-3464, sending an email to info@LongfinFairFund.com, or by writing to P.O. Box 6006, Portland, OR 97228-6006 for more information.Back To Top
The CUSIP for Longfin Class A common stock during the Recovery Period was 54304F106. The ticker symbol was LFIN.Back To Top