MARA INVESTOR FRAUD: Hagens Berman, National Trial Attorneys, Encourages Marathon Digital Holdings (MARA) Investors to Contact Firm's Attorneys, Securities Fraud Class Action Filed
San Francisco, California--(Newsfile Corp. - December 22, 2021) - Hagens Berman urges Marathon Digital Holdings, Inc. (NASDAQ: MARA) investors with significant losses to submit your losses now.
Marathon Digital Holdings, Inc. (MARA) Securities Class Action:
The litigation arises from Defendants' misleading statements concerning Marathon's plan to build a data management facility in Hardin, Montana ("Hardin Facility") to provide energy for operating Bitcoin mining servers.
Specifically, in Oct. 2020, Marathon announced the formation of a joint venture with Beowulf Energy LLC ("Beowulf") purportedly focused on delivering low-cost power to Marathon's Bitcoin mining operations (the "Beowulf Joint Venture"). In connection with that joint venture, Marathon entered into a series of agreements with multiple parties to design and build the Hardin Facility, issuing 6 million shares to the parties of those agreements.
The Complaint alleges that Defendants concealed that the Beowulf Joint Venture, as it related to the Hardin Facility, may have violated U.S. securities laws.
The truth emerged on Nov. 15, 2021, when Marathon announced that it and certain of its executives received a subpoena from the SEC seeking documents and communications concerning the Hardin Facility. The company said, "[w]e understand the SEC may be investigating whether or not there may have been any violations of the federal securities law."
On this news, Marathon's stock price fell $20.52 per share, or 27.03%, in a single trading day.
"We're focused on investors' losses and proving Marathon misled investors about the legality of funding the Hardin Facility," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Marathon and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Marathon should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email MARA@hbsslaw.com.
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