Update: Included statement from Longfin.
On the back of the Bitcoin craze, investors couldn’t seem to get their hands off a so-called blockchain company with roughly half-a-dozen employees in New York—Longfin. After its debut in December, the company was bestowed a valuation of as much as $6.2 billion.
Now, on Friday, investors can’t get out of the company, even as the Securities and Exchange Commission (SEC) alleges that the Nasdaq-traded company violated federal securities laws. According to the commission, it has frozen roughly $27 million in trading proceeds individuals associated with Longfin had gained by unlawfully selling restricted shares to the public.
“We acted quickly to prevent more than $27 million in alleged illicit trading profits from being transferred out of the country,” said Robert Cohen, chief of the SEC Enforcement Division’s Cyber Unit, in a statement. “Preventing defendants from transferring this money offshore will ensure that these funds remain available as the case continues.”
Investors, however, have not been able to react yet to the SEC’s complaint. About 30 minutes ahead of that announcement, the Nasdaq halted trading of Longfin’s stock under the code “T12″—a halt requiring additional information from the company.
Thus, at first blush, Longfin shares appear up 47% for the day with a valuation of about $2 billion. But that uptick is something of a time capsule—capturing sentiment from a Wednesday CNBC interview with Longfin’s CEO Ventaka Meenavalli, in which the executive defended his firm and blamed short sellers for his stock’s fall.
Investors who have gotten involved with Longfin then, either betting in or against the stock, will be in for a bumpy ride. Halts often last mere minutes or in some cases, hours—but T12s can be unpredictable.
“T12s can last anywhere from a few hours to a few weeks or even months,” says a day trader Max of MadazMoney (who declined to provide his full name). “There’s no definitive timeframe to these, which answers your question why it’s the halt from hell. People could have their funds stuck for an indefinite amount of time.”
Longfin said that it has received the Nasdaq’s request for additional information.
“Longfin… plans to fully comply with such request,” the company said in a statement Friday. “In addition, Longfin has received a civil complaint and related asset freeze from the SEC and intends to fully cooperate and address the concerns the SEC has raised regarding the stock sales referenced in the SEC’s complaint.”
更新：包括来自Longfin的声明。在比特币的热潮后，投资者couldn’t似乎得到了大约半打的纽约员工及公司所谓的blockchain。该公司在十二月首次上市后，获得了高达62亿美元的估值。现在，上星期五，投资者can’t离开公司，即使美国证券交易委员会（SEC）称，纳斯达克上市的公司违反了联邦证券法。根据证监会已经冻结了约美元的交易收益与长鳍有2700万个人非法出售限售股获得大众。美国证券交易委员会执法部门网络部门负责人Robert Cohen在一份声明中说：“我们迅速采取行动，防止超过2700万美元的非法贸易利润被转移到该国。”。“防止被告转移这笔钱海洋将确保这些资金依然可作为案件仍在继续。”投资者，然而，没有能够反应但对sec’s投诉。约30分钟前宣布，纳斯达克停止longfin’s股票交易代码“t12″-a停止下需要从公司的其他信息。因此，乍一看，长股出现了一天47%个估值约20亿美元。但是，上升是一个时间胶囊捕捉情绪与longfin’s CEO ventaka meenavalli星期三接受CNBC采访时的话，在其中执行捍卫他的公司和指责卖空者他的stock’s落。谁参与了长鳍然后投资者，要么投注或反对股票，将是一个颠簸。停止经常上仅仅几分钟或在某些情况下，时间是不可预知的但t12s。“t12s可以持续从几小时到几周甚至几个月的时间，”说日内交易者马克斯madazmoney（他拒绝透露他的全名）。“there’s没有明确的时间表，这些，它会回答你的问题，为什么it’s来自地狱的停止。人们可以将他们的资金被用于time.”长无限量表示，它已经收到了额外的信息nasdaq’s请求。“longfin…计划完全符合这样的要求，”公司在一份声明中说，星期五。“in之外，Longfin已收到民事诉状及相关资产冻结从SEC打算充分合作和解决问题的提出的关于股票的销售在美国证券交易委员会的complaint.”  参考；
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