SEC Obtains Preliminary Injunction Continuing Freeze of $27 Million in Sales of Longfin Corp. (LFIN) – Goodman & Nekvasil, P.A., May Recover Investor Losses

Goodman & Nekvasil, P.A., May Recover Investor Losses – SEC Obtains Preliminary Injunction Continuing Freeze of $27 Million in Sales of Longfin Corp. (LFIN)

Longfin Corp. (LFIN) purports to specialize in structured trade finance solutions and physical commodities finance solutions for finance houses and trading platforms. Longfin Corp. (LFIN) claims it offers Blockchain technology solutions for small and medium enterprises, processors, manufacturers, importers, and exporters. The SEC reports that on May 1, 2018, a federal district court in Manhattan granted the Securities and Exchange Commission’s motion for a preliminary injunction, extending until the conclusion of the case the emergency order previously entered by the court freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin Corp. stock involving the company, its Chief Executive Officer, Venkata S. Meenavalli, and three affiliated individuals, Andy Altahawi, Dorababu Penumarthi, and Suresh Tammineedi.

According to the SEC’s complaint, Longfin’s CEO and controlling shareholder, Meenavalli, caused the company to issue more than two million unregistered, restricted shares to Altahawi, who was the corporate secretary and a director of Longfin, and tens of thousands of restricted shares to two other affiliated individuals, Penumarthi and Tammineedi.  Shortly after Longfin began trading on NASDAQ and announced the acquisition of a purported cryptocurrency business, Altahawi, Penumarthi, and Tammineedi illegally sold large blocks of restricted Longfin shares to the public while the stock price was highly elevated, for profits in excess of $27 million.

If you purchased your Longfin Corp. (LFIN) investment from a licensed financial advisor, Goodman & Nekvasil, P.A. can help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has filed hundreds of cases against brokerage firms selling high-risk or fraudulent investments such as Future Income Payments, LLC, and has recovered more than $180 million dollars on behalf of victimized investors. 

All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years. 

There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of your Longfin Corp. (LFIN) investment.

If you incurred losses on your investment in Longfin Corp. (LFIN) and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.  


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