CLEANSPARK CULPER RESEARCH REGISTRATION
In August 2019, defendants held the IPO, selling approximately 8.9 million American depositary shares (“ADSs”) to the investing public at $9.50 per ADS, pursuant to the Registration Statementīy the commencement of this action, the Company’s shares trade significantly below the IPO price. Specifically, defendants failed to disclose to investors: (1) that the Company had overstated its customer and contract figures (2) that several of the Company’s recent acquisitions involved undisclosed related party transactions and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.įor more information on the CleanSpark class action go to: Ĭlass Period: Securities purchased pursuant and/or traceable to the Company’s initial public offering conducted on or about Aug(the “IPO” or “Offering”) or between Augand Septem(the “Class Period”)
The complaint, filed on January 20, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. The stock continued to decline the next trading session by $4.56, or 13%, to close at $31.15 per share on January 15, 2021. On this news, the Company’s share price fell $3.63, or 9%, to close at $35.71 per share on January 14, 2021, thereby damaging investors.
On January 14, 2021, Culper Research published a report alleging, among other things, that CleanSpark has “fabricated key elements of its business, including purported customers and contracts” and that it is “rife with undisclosed related party transactions.”
CLEANSPARK CULPER RESEARCH SOFTWARE
Specifically, defendants failed to disclose to investors: (1) that Bit Digital overstated the extent of its a bitcoin mining operation and (2) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.įor more information on the Bit Digital class action go to: ĬleanSpark provides advanced software and controls technology solutions, including end-to-end microgrid energy modeling, energy market communications, and energy management solutions. On this news, Bit Digital’s stock price fell $6.27 per share, or 25%, to close at $18.76 per share on January 11, 2021. On January 11, 2021, J Capital Research issued a research report alleging, among other things, that Bit Digital operates “a fake crypto currency business” “designed to steal funds from investors.” Though the Company claims “it was operating 22,869 bitcoin miners in China,” J Capital alleged that “is simply not possible” and stated that “e verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there.” Additional information about each case can be found at the link provided.īit Digital is a holding company that purports to engage in the bitcoin mining business through its wholly owned subsidiaries in U.S.
Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. (NASDAQ: JFU), and AstraZeneca PLC (NASDAQ: AZN).
24, 2021 (GLOBE NEWSWIRE) - Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Bit Digital, Inc.
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