Longfin accounting firm resigns after less than two months on job
Longfin disclosed in a regulatory filing that on April 5 it was notified that its independent registered public accounting firm, CohnReznick, had resigned its engagement with the company, effective immediately. CohnReznick was engaged by the company on February 7 of this year. CohnReznick's resignation as the company's independent registered public accounting firm was accepted by Longfin's Audit Committee on April 5. During the period from February 1, 2017 to December 31, 2017, the financial statements for which period were audited by CohnReznick, there were no disagreements with CohnReznick on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, Longfin said. It added, "Other than the going concern explanatory paragraph, the report of CohnReznick on the Company's financial statements as of and for the period ended December 31, 2017 did not contain an adverse opinion or a disclaimer of an opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. Concurrently with the issuance of its report on its audit of the Company's financial statements for the year ended December 31, 2017, CohnReznick advised the Company that material weaknesses in internal control over financial reporting existed." Shares of Longin were halted on Friday by the Nasdaq, pending additional information.