LGFTY - Longtop Financial Technologies Limited (OTC Stock)

[BadThad]

About an 8% drop today, not sure why because the financials and outlook look good for this Chinese company. GS raised their target price to $34.

Longtop Financial Technologies Limited - Google Finance


52 week 10.49-32.94
Current Stock Price: $25.72

Longtop Financial Technologies Limited (Longtop Cayman) together with its subsidiaries provides a range of software solutions and services to the financial institutions in the People's Republic of China (PRC), including the development, licensing and support of software solutions, the provision of maintenance, support, and other services, and system integration services related to the procurement and sale of third party hardware and software. The software solutions provided by the Company are classified into four categories: channel, business, management and business intelligence. The Company also provides other services, such as automated teller machine (ATM) maintenance, system integration and other information technology (IT) and technology related services, to its clients.

Delisted from NYSE: http://www.otcmarkets.com/edgar/GetF...lingID=8105296

[BadThad]

Looks like a significant drop in this stock today. Could be a bottom play.

Current stock price: $37.01 (down 8.5%)

[BadThad]

WOW! Closed at 38.11!

[Volatile22]

New ticker for this stock is LGFTY as it was delisted after being halted since May! This could be a good stock to flip around, but use caution.

[Volatile22]

Originally Posted by Volatile22

New ticker for this stock is LGFTY as it was delisted after being halted since May! This could be a good stock to flip around, but use caution.

This stock was at .50 when I made ^^^^that post.

It just hit .95 and I sold half at .94 and riding the rest for now.

[BadThad]

Lots of legal issues:

Notice From the Securities Arbitration Law Firm of Klayman & Toskes to Longtop Financial Technologies Investors Who Are Eligible to Participate in the Class Action Filed Against Longtop Financial Technologies
9:00a ET August 3, 2011 (GlobeNewswire) The Securities Arbitration Law Firm of Klayman & Toskes, P.A. ("K&T"), Klayman & Toskes | Attorneys at Law: Securities Arbitration, NASD, Stock Options, announced today that a class action lawsuit, Case No. 11-CV-04402, has been filed against Longtop Financial Technologies ("Longtop") (NYSE:LFT) on behalf of investors who purchased Longtop stock during the class period of June 29, 2009 through April 25, 2011. Once trading at $42.73 in November 2010, Longtop no longer trades on the New York Stock Exchange. Potential class members who purchased Longtop stock should consider whether they should file an individual securities arbitration claim in addition to participating in the class action. Investors who held Longtop stock at a full service brokerage firm and sustained substantial losses, including those who held a concentrated position in Longtop, may be able to recover their losses through the arbitration forum established by the Financial Industry Regulatory Authority ("FINRA"). FINRA's Arbitration Department is where investors, both retail and institutional, go to seek redress as a result of sales practice violations committed by their brokerage firm, including claims of over-concentration, misrepresentation and omission, unsuitable recommendations and failure to supervise.

According to the Complaint, on May 17, 2011 a trading halt was instituted on Longtop's common stock. On May 23, 2011 Longtop issued a press release announcing, among other things, (1) the resignation of its auditor, Deloitte Touche Tohmatsu CPA Ltd. ("Deloitte"); (2) the resignation of Longtop's Chief Financial Officer; (3) the initiation of an SEC inquiry; (4) and the formation of a special investigation. According to the announcement, Deloitte was resigning because of "(1) the recently identified falsity of the Company's financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in Deloitte's audit process; and (3) the unlawful detention of Deloitte's audit files."

Investors who held Longtop stock with a full service brokerage firm and sustained significant losses can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.

If you wish to discuss this announcement or sustained investment losses of $200,000 or more in Longtop stock, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at Klayman & Toskes | Attorneys at Law: Securities Arbitration, NASD, Stock Options

STOCK EXPLODING!

Current stock price: $1.17 (up +98%)

[BadThad]

Taking a chance, this stock will get some attention with the climb today...I'm in at $1.20.

[BadThad]

Put in a sell order at $1.50 in case it hits....might get lucky today and make an easy profit.

[BadThad]

SWEET! Thanks for the play Vol, I just made $280 after commish! Love the quick, EZ money plays! HAPPY FRIDAY!

[Volatile22]

Originally Posted by BadThad

SWEET! Thanks for the play Vol, I just made $280 after commish! Love the quick, EZ money plays! HAPPY FRIDAY!

You're very welcome! Glad you were able to ride this one with me, yeehaww haha.