Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline for Securities Fraud Class Action Lawsuit Filed Against Bit Digital, Inc.
RADNOR, Pa .– (BUSINESS WIRE) – The law firm of Kessler Topaz Meltzer & Check, LLP, recalls that Bit Digital, Inc. (NASDAQ: BTBT) (“Bit Digital”) on behalf of those who bought or acquired Bit Digital securities between May 21 December 2020 and January 8, 2021 (including the “Class Period”).
Deadline Reminder: Bit Digital investors who bought or acquired Bit Digital securities during the class period may no later than March 22, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by email to email@example.com; or click on https://www.ktmc.com/bit-digital-inc-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=bit%20digital#overview
According to the complaint, Bit Digital is a holding company engaged in the bitcoin mining business through its wholly owned subsidiaries in the US and Hong Kong.
The class period begins on December 21, 2020 when Bit Digital announced its revised financial results for the third quarter of 2020 in a press release.
On January 11, 2021, J Capital Research (“J Capital”) published a research report claiming, among other things, that Bit Digital operates “a business in counterfeit cryptocurrencies. . . designed to steal funds from investors. “Although Bit Digital claims that” it operated 22,869 bitcoin miners in China, “J Capital claimed that” it simply is not possible “and stated that”[w]We checked with the local governments that allegedly mine BTBT that there are no Bitcoin miners there. ”
Following the news, Bit Digital’s share price fell $ 6.27 per share, or 25%, to close at $ 18.76 per share on January 11, 2021.
The complaint alleges that throughout the class period, defendants failed to advise investors that: (1) Bit Digital overestimated the extent of its Bitcoin mining operation; and (2) as a result of the foregoing, Defendants’ positive statements about the business, operations and prospects of Bit Digital were materially misleading and / or unfounded.
Bit digital investors can no later than March 22, 2021, attempt to be appointed plaintiff’s principal representative of the class by Kessler Topaz Meltzer & Check, LLP, or other lawyer, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other federal and state law violations. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.