In a recently published examination of the newly re-discovered holotype of Leptophytum (Lithophyllum) laeve, the characters of the holotype specimen were judged to be taxonomically inadequate. Consequently, an epitype was selected which was determined to belong to Phymatolithon lenormandii, rendering Leptophytum and its type L. laeve junior synonyms of Phymatolithon and P. lenormandii, respectively. We have re-studied the holotype specimen in Stockholm, and in this paper we demonstrate that it is consistent with the protologue and exhibits features that are fully consistent with the modern circumscription of Leptophytum laeve, based on population studies. Our results demonstrate that the holotype specimen is taxonomically adequate and that the selection of an epitype was not necessary. Accordingly, we propose the re-instatement of Leptophytum Adey 1966, based on its type L. laeve (Foslie) Adey (basionym: Lithophyllum lenormandii f. laeve Foslie 1891). The genera Leptophytum and Phymatolithon Foslie are similar in some anatomical respects (such as in having diminutive sub-epithallial initials, i.e. meristem cells, a polystromatic non-coaxial hypothallium, and roundish to flattened epithallial cells in transverse section). The genera differ somewhat in morphology and markedly in most reproductive features (such as spermatangial systems, origin of gonimoblasts, position of conceptacle primordia, and the presence or absence of distinct asexual conceptacle pore cells). The taxonomic, ecological and biogeographic characteristics of the two genera lead us to conclude that the similarities between Phymatolithon and Leptophytum have very likely resulted from parallel evolution.