Crypto-play Longfin: surges as CEO blasts short-sellers

Longfin

05/04/2018 18:14

** Shares of crypto-play Longfin  LFIN.O  surging ~74 pct in
heavy volumes, top pct gainer among U.S. stocks
    ** CEO Venkat Meenavalli says on CNBC's "Fast Money" https://www.cnbc.com/2018/04/04/controversial-crypto-stock-longfin-surges-then-halted-after-its-announced-ceo-to-appear-on-cnbcs-fast-money.html
 he is not going to sell his shares while he is fighting $1.4
bln in bets against the stock
    ** On March 26, short-seller Citron Research called https://bit.ly/2Gh2lAu
 LFIN a "pure stock scheme" and said the company's filings and
press releases are "riddled with inaccuracies and fraud"
    ** Since then, LFIN had fallen ~84 pct through Weds. close,
with some losses after disclosing an SEC probe and raising going
concern doubts  urn:newsml:reuters.com:*:nL4N1RG4SK
    ** "I'm going to write to SEC and FINRA because of the
shorts," Meenavalli said on CNBC, adding "The guys are going to
destroy us. I'm fighting here" 
    ** LFIN is the 22nd most active U.S. stock and with ~10.7
mln shares traded, its busiest day since when it bought
blockchain-powered micro-lender Ziddu.com in mid-Dec
    ** LFIN surged over 1,000 pct in two days since that deal,
which is part of the SEC's probe  urn:newsml:reuters.com:*:nL4N1OF4H1
    ** LFIN last at $20.19 vs Dec. 13 IPO price of $5

 (Reporting by Savio D'Souza)
 ((RM:savio.dsouza.thomsonreuters.com@reuters.net))