NEW ORLEANS, March 12, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 8, 2024 to file lead plaintiff applications in a securities class action lawsuit against Hut 8 Corp. (NasdaqGS: HUT), if they purchased the Company’s securities between November 9, 2023 and January 18, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
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Hut 8 investors should visit us at https://claimsfiler.com/cases/nasdaq-hut/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Hut 8 and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 18, 2024, a report by J Capital Research highlighted many purported misstatements by the Company relating to its merger with U.S. Data Mining Group, Inc., doing business as U.S. Bitcoin Group (USBTC), in November of 2023 including (1) that an “undisclosed related party” was one of the major shareholders of USBTC, (2) that one of USBTC’s core assets, the King Mountain JV, “has historically failed to provide energy and high-speed internet,” and (3) that the Company had misstated certain finances of the King Mountain JV by failing to account for certain interest expenses.
On this news, the price of Hut 8’s shares fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024, on unusually heavy trading volume.
The case is Mayiras v. Hut 8 Corp., et al., No. 24-cv-00904.
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