Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc. of Class Action Lawsuit and Upcoming Deadline
NEW YORK, January 6, 2022 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Marathon Digital Holdings, Inc. f / k / a Marathon Patent Group, Inc. (“Marathon” or the “Company”) (NASDAQ: MARA), and some of his officers. The class action filed in The United States District Court for the district Nevada, and registered under 21-cv-02209, is on behalf of a class consisting of all natural and legal persons other than the defendant, the Marathon Securities between. bought or otherwise acquired October 13, 2020 and November 15, 2021, both dates including (the “Classification Period”) to compensate for damages caused by Defendants’ breaches of federal securities laws and to seek legal redress under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Stock Exchange Act”) and rule 10b-5, which were promulgated against the company and some of its top officials, including.
If you are a shareholder who has purchased Marathon securities during the Class Action Period, you will have until February 15, 2022 ask the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at the [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, extension. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Marathon is a digital asset technology company mining cryptocurrencies with an emphasis on the blockchain ecosystem and digital asset generation in the United States. The company was formerly known as “Marathon Patent Group, Inc.” known. and changed its name to “Marathon Digital Holdings, Inc.” on March 1, 2021.
In October 2020Marathon announced the formation of a new joint venture with Beowulf Energy LLC (“Beowulf”) allegedly focused on providing low cost power to Marathon ‘s Bitcoin mining operations (the “Beowulf Joint Venture”). In connection with this joint venture, Marathon has a number of agreements with several parties for the planning and construction of a data center in Hardin, Montana (the “Hardin Facility”) which issues 6 million of its common stock to the parties to these agreements.
The lawsuit alleges that throughout the class action period, defendants made essentially false and misleading statements about the company’s business, operational, and compliance policies. In particular, Defendants have made false and / or misleading statements and / or failed to disclose: (i) the Beowulf joint venture in connection with the Hardin Facility implied potential violations of law, including violations of US securities laws; (ii) as a result, the Beowulf joint venture placed Marathon at increased risk of regulatory scrutiny; (iii) the foregoing would be reasonably likely to have a material adverse effect on the Company’s business and business prospects; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
on November 15, 2021, Marathon announced that “the company and some of its executives have received a subpoena to open documents and notices about the Hardin, Montana Data center system[,]”And advises that” the SEC may investigate whether or not there may be violations of the Federal Securities Act. “
On the news, Marathon’s share price fell $ 20.52 per share or 27.03% at the closing price $ 55.40 per share November 15, 2021.
Pomerantz LLP, with offices in new York, Chicago, The angel, Paris, and Tel Aviv, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the Dean of the Class Action Chamber, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, breach of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP