According to the law firm press release, Longfin is a finance and technology company that provides trade and physical commodities solutions for finance businesses and trading platforms. Longfin recently began using blockchain technology to enable global trade finance solutions.

The complaint alleges that Defendants violated provisions of the Exchange Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission ("SEC"). Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Longfin had material weaknesses in its operations and internal controls that hindered the Company's profitability; (ii) Longfin did not meet the requirements for inclusion in the Russell 2000 and 3000 indices; and (iii) as a result of the foregoing, the Defendants' public statements were materially false and misleading at all relevant times.