Shares of a technology company fell 30 percent after the announcement of the investigations of the US Stock Exchanges

Following the announcement of an investigation by the Securities and Exchange Commission (SEC) about the company, the value of shares of financial technology company "Long Fun" by 30 percent, according to "CNBC" on April 3.

Longfun has disclosed the investigation into its annual financial report to the Securities and Exchange Commission on April 2. The company's shares closed down 30.89 percent today, trading at $ 9.89 a share. The stock has fallen 82.43 percent this year so far.

LongFin, a listed company on Nasdaq, had a market value of more than 1,000 percent in two days last December after it announced that it had acquired Zidu.com, a company specializing in smart contracts and microcredit using technology Blockchin.

Longfine shares chart from December 2017 to April 2018

Source: NASDAQ

The Execution Division of the Securities and Exchange Commission (JSC) informed Longfin on March 5 that it would conduct trading in the company's shares and requested documents relating to the public offering and the acquisition of the Zidu site. Longfin has expressed its full intention to cooperate with the US Securities and Exchange Commission in its annual financial report:

"While the Securities and Exchange Commission is trying to determine whether there have been any violations of federal securities laws, the investigation does not mean that the Commission has concluded that any person has been violated Law".

Even Finquin Minavale, CEO of Longfin, has admitted unreasonably the huge rise in value of shares last December, saying: "This market value can not be justified, I have priced my IPO shares at $ 5." Profitability ... and we have nothing to do with this delightful mania. "

In January this year, the Securities and Exchange Commission (SEC) said it would pursue companies using public enthusiasm surrounding Blockchin to manipulate its stock prices.