The suit alleges that CleanSpark misled investors as to the Company's customer and contract figures and that several of CleanSpark's recent acquisitions involved undisclosed related party transactions. District Court for the Southern District of New York. On January 14, 2021, analyst Culper Research published a report entitled "Cleanspark (CLSK): Back to the Trash Can." In this report, Culper alleged that CleanSpark "is an insider enrichment scheme which, at every turn of its promotion, has vastly overstated or simply fabricated key elements of its business, including purported customers and contracts." Culper continued that "CleanSpark's entire ‘business' has been built upon lies and deceit." The market was stunned by this report, and shares fell by approximately 9.2% to close at $35.71 on January 14, 2021.Ī lawsuit has been filed against CleanSpark and certain of its executives in the U.S. (NASDAQ:CLSK) and certain of its executives. More about the firm and its successes is located at, MA / ACCESSWIRE / Ma/ Block & Leviton LLP ( a national securities litigation firm, announces that a lawsuit for violation of the federal securities laws has been filed against CleanSpark, Inc. The firm represents investors, whistleblowers, workers and consumers in complex litigation. Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. For more information, call Reed Kathrein at 84 or email Hagens Berman 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. Whistleblowers: Persons with non-public information regarding CleanSpark should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. If you are a CleanSpark investor, click here to discuss your legal rights with Hagens Berman. “We’re focused on investor losses and proving CleanSpark and certain insiders tricked investors with a fraudulent stock promotion scheme,” said Reed Kathrein, the Hagens Berman partner leading the investigation. In response, the price of CleanSpark shares crashed lower. According to Culper, it visited a microgrid project deployment site where the company claims it will provide power solutions to over 400 residential resort properties and saw “zero construction, merely empty desert, representative of the Company’s many empty promises.” In addition, Culper accuses CleanSpark of habitually fabricating and overstating claimed customers and contracts. 2020, CleanSpark “has simply rebranded an otherwise failed, podunk operation in service of a gutless promotion attempt,” and “Cleanspark’s apparent lies and omissions aside, we think investors buying the stock for the Company’s mining capabilities are paying Porsche 911 prices for what amounts to a broken-down Toyota Corolla.” 14, 2021, when Culper Research published a scathing report entitled “Cleanspark: Back to the Trash Can” and called CleanSpark’s shares “uninvestible.”Īccording to Culper’s analysis, in acquiring ATL Data Centers in Dec. Investors began to learn the truth, according to the complaint, on Jan. The complaint centers on whether Defendants misled investors about CleanSpark’s business and operations by concealing that the company overstated contract and customer figures while touting the company’s involvement in bitcoin mining and providing advanced software and controls technology solutions to solve modern energy challenges. A securities fraud class action has been filed and certain investors may have valuable claims.Ĭlass Period: Dec. (NASDAQ: CLSK) investors to submit their losses now. 25, 2021 (GLOBE NEWSWIRE) - Hagens Berman urges CleanSpark, Inc.
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