Long Blockchain Corp.
| Company type | Public |
|---|---|
| Industry | Beverage, Blockchain technology |
| Predecessor | Long Island Iced Tea Corp. |
| Founded | 2011 |
| Headquarters | Farmingdale, Long Island, New York , United States |
| Products | Iced tea and lemonade beverages (under "Long Island" label) |
Long Blockchain Corp.—previously known as Long Island Iced Tea Corp.—is a U.S.-based enterprise headquartered in Farmingdale, Long Island, New York. Its fully owned subsidiary, Long Island Brand Beverages, LLC, was responsible for manufacturing ready-to-consume iced tea and lemonade beverages under the "Long Island" label, debuting its initial product in 2011.
In 2017, the company underwent a rebranding to become Long Blockchain Corp., signaling a strategic shift towards "exploring and investing in opportunities utilizing blockchain technology." Concurrently, it revealed intentions to pursue acquisitions related to blockchain. This announcement triggered a dramatic increase in its stock value, which soared by as much as 380%.
On April 10, 2018, NASDAQ issued a delisting notice to Long Blockchain, leading to its shares being traded on over-the-counter markets thereafter. By this stage, the firm had ceased plans to procure Bitcoin mining hardware.
The SEC initiated a subpoena for company records on July 10, 2018, amid investigations largely associated with the company's blockchain rebranding. The FBI was involved in gathering evidence concerning insider trading and securities fraud allegations related to Long Island Iced Tea's stock. The corporation affirmed its full cooperation with regulatory authorities during this process.
On February 22, 2021, the SEC formally delisted shares of Long Blockchain Corp. due to the company's failure to submit financial statements since September 30, 2018, coupled with an incomplete transition into blockchain-focused operations.
In July 2021, the SEC filed charges against three individuals for insider trading tied to the announcement of the firm's pivot towards blockchain technology. It was alleged that a principal shareholder provided confidential information to a broker, who then informed an associate; this associate realized profits amounting to $160,000 by trading shares before and after the public disclosure. In 2024, the involved broker consented to pay a $75,000 penalty under a no contest agreement.
External links
- Companies based in Nassau County, New York
- Insider trading
- American companies established in 2011
- Iced tea brands
- Oyster Bay, New York
- Food and drink companies established in 2011
- 2011 establishments in New York (state)
- Blockchain entities
- Companies formerly traded over-the-counter in the United States
- Companies formerly listed on the Nasdaq