NEW YORK, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of CleanSpark, Inc. (“CleanSpark” or the “Company”) (NASDAQ: CLSK). A complaint has been filed on behalf of investors who purchased CleanSpark securities between December 31, 2020 and January 14, 2021 (the “Class Period”).
On January 14, 2021, Culper Research published a report entitled "Cleanspark (CLSK): Back to the Trash Can." According to the Culper Research report, “CleanSpark’s promotional charade has spanned marijuana, clean energy, “SaaS”, electric vehicles, and, most recently, bitcoin.”
According to the complaint, the Culper Research report claims that CleanSpark has "fabricated key elements of its business, including purported customers and contracts" and that the Company is also "rife with undisclosed related party transactions." For example, the Culper Research report alleges the entire February 2020 acquisition of p2k Labs, Inc. is “another undisclosed related party transaction, as CleanSpark’s CFO Lori Love is found on p2k’s corporate documents since at least November 2018, well before joining CleanSpark and the p2k acquisition.” Further, the report alleges that “[i]n effect, CleanSpark appears to have purchased the side business of its CFO, with zero relevance to the Company’s supposed clean energy mission.”
Following this news, CleanSpark's stock price fell $3.63 per share, or 9.23%, to close at $35.71 per share on January 14, 2021.
If you are a member of the proposed Class, you may move the court no later than March 22, 2021 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com