Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Biggest Hedge Fund Losers in Longtop Financial Fraud $LFT

Longtop Financial Technologies Ltd. (LFT) was sued in May by an investor alleging the company overstated profit margins and concealed adverse facts. The company’s auditor Deloitte Touche also resigned over false reporting by the company. The stock initially lost half of its value and later it was halted when it was trading around $19. Recently it started being traded over the counter. Unfortunately the latest price on the stock is only $0.36. Some of the hedge funds paid more than 100 times this value to acquire Longtop Financial.


Here are the biggest hedge fund losers in the Longtop Financial Technologies fraud:

Maverick Capital – Lee Ainslie: lost $92 Million

Tiger Global Management LLC – Chase Coleman: lost $48 Million

Cavalry Asset Management – John Hurley: lost $29 Million

Brookside Capital – Bain Capital: lost $21 Million

Steadfast Capital Management – Robert Pitts: lost $18 Million

Alkeon Capital Management – Panayotis Takis Sparaggis: lost $14 Million

You can see the rest of the losers here. These calculations assumed that these hedge funds didn’t increase or reduce their stock positions in Longtop Financial Technologies (LFT) since the end of June. We also didn’t take into account their options positions.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.