The U.S. Securities and Exchange Commission is investigating trading activity in shares of Longfin, a tiny stock that surged astronomically in December after the firm announced a cryptocurrency-related acquisition, the company disclosed late Monday.
Longfin (Ticker: LFIN) shares plunged 30 percent to near $10 a share in Tuesday morning trading.
The Division of Enforcement of the SEC informed Longfin on March 5 that the agency is investigating trading in the company’s shares and requested documents related to its IPO and acquisition of Ziddu.com, according to a required 10-K filing.
