Frequently Asked Questions

  1. Why did I receive a Notice?

    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.

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  2. What is this lawsuit about?

    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.

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  3. What is the Recovery Period?

    The Recovery Period is June 16, 2017, through April 6, 2018, inclusive

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  4. Who is eligible to participate in the Distribution Fund?

    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.

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  5. What is the total amount of the Fair Fund?

    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.

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  6. How do I receive a Distribution Payment?

    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.

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  7. Who is excluded from participation in the Distribution Fund?
    1. Any director or officer, past or present, of Longfin or any of their past or present advisers, agents, affiliate (or any of the nominees, assigns, creditors, heirs, distributees, spouses, parents, children, or controlled entities of the foregoing) wo served in such capacity during the Recovery Period;
    2. The defendants in the captioned action and in SEC v. Longfin Corp., et al., 19-CV-5296 (DLC) (S.D.N.Y.) (or any of such defendant’s advisers, agents, affiliates, nominees, assigns, creditors, heirs, distributees, spouses, parents, children, or controlled entities);
    3. The Distribution Agent, its employees, and those persons assisting the Distribution Agent in its role as the Distribution Agent; and
    4. Any purchaser or assignee of another Person’s purported right to obtain a recovery from the Fair Fund for value; provided, however, that this provision shall not be construed to exclude Third-Party Filers or those Persons who obtained such a right by gift, inheritance, devise or operation of law.
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  8. What is Epiq’s Relationship to the Defendants/SEC/Case?

    Epiq is the Distribution Agent hired to fulfill certain responsibilities in this case such as mailings, review of claims, distribution and other administration tasks.

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  9. How will my information be protected?

    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.

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  10. Who should I contact to get the required supporting documentation to send in with my claim?

    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 rejected

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  11. What is considered acceptable/sufficient documentation to support my transactions on my Proof of Claim Form?

    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.

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  12. How do I get information about my claim?

    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.

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  13. What is the CUSIP and ticker for Longfin Class A?

    The CUSIP for Longfin Class A common stock during the Recovery Period was 54304F106. The ticker symbol was LFIN.

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