NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Hut 8 Corp. (NASDAQ: HUT)?
- Did you purchase your shares between November 9, 2023 and January 18, 2024, inclusive?
- Did you lose money in your investment in Hut 8 Corp.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Hut 8 Corp. (“Hut 8” or the “Company”) (NASDAQ: HUT) between November 9, 2023 and January 18, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Hut 8 securities, and/or would like to discuss your legal rights and options please visit Hut 8 Corp. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than April 8, 2024. 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.
According to the Complaint, Hut 8 is a crypto currency and data mining company. The Company is engaged in Bitcoin mining and hosting, managed services, energy arbitrage, and operating traditional data centers. The Company operates computing infrastructure that mines Bitcoin and delivers computing services to enterprise customers.
Hut 8 formed following the November 2023 merger of Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp. (“USBTC”) (the “Merger”). USBTC held a 50% interest in a joint venture bitcoin mining facility, located in King Mountain, Texas (the “JV”), which was acquired in the Merger.
Throughout the Class Period, Defendants failed to disclose that: (1) one of USBTC’s largest shareholders was an undisclosed related party; (2) USBTC’s core asset has historically failed to provide energy and high-speed internet; and (3) the profitability of certain USBTC assets were overstated.
On January 18, 2024, at approximately 10:30 AM EST, J Capital Research published a report which alleged, inter alia, that Hut 8’s merger with USBTC was premised on a number of alleged misstatements, including that USBTC had an “undisclosed related party” as one of its largest shareholders, that the JV “has historically failed to provide energy and high-speed internet,” and (3) that the Company had misstated certain finances of the JV by failing to account for certain interest expenses. Citing individuals “highly familiar” with USBTC, the report stated that without the Merger, USBTC would have gone bankrupt and that USBTC had a value estimated to be 70% less than the approximately $745 million that Hut 8 paid to acquire it.
On this news, Hut 8’s stock price fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024.
If you purchased or acquired Hut 8 securities, and/or would like to discuss your legal rights and options please visit Hut 8 Corp. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@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 sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
