The plaintiffs argue that the company and its leaders made statements contrary to this report, concealing the truth from investors. The plaintiffs explain that CleanSpark’s motivation for the purchase was to decrease energy costs, maximize the profitability of Bitcoin mining, and expand its operations.Īfter the acquisition, a short-seller called Culper Research published a report that made a number of “damning revelations” about CleanSpark’s acquisition of ATL, including that ATL’s bitcoin mining business was merely a rebranded version of a business run by a company that entered bankruptcy in early 2020. According to Thursday’s motion to dismiss, the plaintiffs fall short of pleading multiple elements of their fraud claims, including not identifying a single misrepresentation or omission.Īccording to the shareholders’ amended complaint, which also names the CleanSpark’s CEO and executive chairman as defendants, the company made multiple missteps in relation to the December 2020 acquisition. has urged a Southern District of New York judge to dismiss a securities class action filed against it over its acquisition of Data Centers LLC (ATL) and ATL’s primary asset, a data center and bitcoin mining facility in College Park, Georgia. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.CleanSpark Inc. Gregory Stone, Director of Case and Financial AnalysisĮmail: or (800) 575-0735 or (212) 545-4774 Wolf Haldenstein Adler Freeman & Herz LLP If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at or visit our website at. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. The firm has attorneys in various practice areas and offices in New York, Chicago and San Diego. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. 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 was “rife with undisclosed related party transactions.” Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of CleanSpark, Inc.ĬleanSpark provides advanced software and controls technology solutions, including end-to-end microgrid energy modeling, energy market communications, and energy management solutions. ![]() ![]() you may, no later than March 22, 2021, request that the Court appoint you lead plaintiff of the proposed class. If you have incurred losses in the shares of CleanSpark, Inc. You may obtain additional information concerning the action or join the case on our website. and incurred losses are urged to contact the firm immediately at or (800) 575-0735 or (212) 545-4774. ![]() (NASDAQ: CLSK) securities between Decemand Janu(the “Class Period”).Īll investors who purchased shares of CleanSpark, Inc. 26, 2021 (GLOBE NEWSWIRE) - Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased CleanSpark, Inc.
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