Source: LongFin
Shares of Longfin plunged for a second straight day after FTSE Russell said it would remove the stock of the small, cryptocurrency play from the benchmark Russell indexes.
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Longfin (Ticker: LFIN) closed 41.5 percent lower Tuesday at $34.68 a share. The little-known stock fell 16.6 percent Monday after noted short seller Andrew Left’s Citron Research tweeted that Longfin “is a pure stock scheme.”
The tiny stock had skyrocketed in December after news it was acquiring a firm focused on the same blockchain technology as bitcoin. Longfin went public in mid-December and announced last week it was added to the small-cap Russell 2000 and 3000 indexes on March 16 as part of FTSE Russell’s quarterly additions.