Bit Digital investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Bit Digital is a holding company that engages in the bitcoin mining business through its wholly owned subsidiaries in the United States and Hong Kong.
The Class Period commences on December 21, 2020 when Bit Digital announced its revised third quarter 2020 financial results in a press release.
On January 11, 2021, J Capital Research (“J Capital”) issued a research report alleging, among other things, that Bit Digital operates “a fake crypto currency business. . . designed to steal funds from investors.” Though Bit Digital claims “it was operating 22,869 bitcoin miners in China,” J Capital alleged that “is simply not possible” and stated that “[w]e verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there.”
Following this news, Bit Digital’s stock 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, the defendants failed to disclose to investors that: (1) Bit Digital overstated the extent of its a bitcoin mining operation; and (2) as a result of the foregoing, the defendants’ positive statements about Bit Digital’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you are a member of the class described above, you may no later than March 22, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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 will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, 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; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.