Long Blockchain Corp. Receives SEC Notice
August 6, 2018
Investigation on Long Blockchain Corp. has started. The company was ordered to submit all required documents to the US Securities and Exchange Commission.
According to Bloomberg, the demand for Long Blockchain Corp was caused by Nasdag saying in April this year it delisted the company’s securities. As the exchange put it, Long Blockchain Corp used to deceive investors. The company appealed to court but it supported the platform. After all this however the company carried its status of a public organization. Its market cost made around 5 million dollars unlike 7 million in December when the company added the word “blockchain” to its name.
At the beginning of this year the SEC declared, it would draw specific attention to the organizations that included “Blockchain” in their names.
The details of the investigation are not revealed yet. Long Blockchain Corp. reported to follow all directions to facilitate the inspection.
Initially Long Blockchain Corp. was focused on cold drinks and called Long Island Ice Tea but changed the name at the beginning of this year which caused its shares rise by 200%. Long Blockchain Corp. planned to invest in blockchain projects and sell 1.6 million of its securities to start digital currency business.
On August 1 this year the company claimed to alter its line of activity. A new subdivision is going to start soon to focus on loyalty program.