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Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired securities of Marathon Digital Holdings, Inc. between October 13, 2020 and November 15, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Nevada and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired Marathon securities, and/or would like to discuss your legal rights and options, please visit Marathon Digital Holdings, Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or seidman@bernlieb.com.
Marathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in U.S. The Company was formerly known as “Marathon Patent Group, Inc.” and changed its name to “Marathon Digital Holdings, Inc.” on March 1, 2021.
In October 2020, Marathon announced the formation of a new joint venture with Beowulf Energy LLC (“Beowulf”), purportedly focused on delivering low-cost power to Marathon’s Bitcoin mining operations (the “Beowulf Joint Venture”). In connection with that joint venture, Marathon entered into a series of agreements with multiple parties to design and build a data center in Hardin, Montana (the “Hardin Facility”), issuing 6 million shares of its common stock to the parties of those agreements.
According to the complaint, 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. Specifically, Defendants failed to disclose to investors that: (i) the Beowulf Joint Venture, as it related to the Hardin Facility, implicated potential regulatory violations, including U.S. securities law violations; (ii) as a result, the Beowulf Joint Venture subjected Marathon to a heightened risk of regulatory scrutiny; (iii) the foregoing was reasonably likely to have a material negative impact on the Company’s business and commercial prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 15, 2021, Marathon disclosed that “the Company and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility” and advised that the SEC may be investigating whether or not there may have been any violations of the federal securities laws.
On this news, Marathon’s stock price fell $20.52 per share, or 27.03%, to close at $55.40 per share on November 15, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than February 15, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired Marathon securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/marathondigitalholdingsinc-mara-shareholder-lawsuit-class-action-fraud-stock-468/ or contact Joe Seidman toll free at (877) 779-1414 or seidman@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
