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RADNOR, Pa., Jan. 14, 2022 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed in the United States District Court for the District of Nevada against Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc. (“Marathon”) ( NASDAQ: MARA ). The action charges Marathon with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Marathon’s materially misleading statements to the public, Marathon investors have suffered significant losses.
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CLICK HERE TO SUBMIT YOUR MARATHON LOSSES
LEAD PLAINTIFF DEADLINE: February 15, 2022
CLASS PERIOD: October 13, 2020 through November 15, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at [email protected]
MARATHON’S ALLEGED MISCONDUCT
Marathon is a digital asset technology company that primarily engages in mining cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets. On October 13, 2020, Marathon issued a press release announcing the formation of the Beowulf Joint Venture. That press release represented that the Beowulf Joint Venture was “focused on delivering low cost power to Marathon’s Bitcoin mining operations [,]” while also asserting various purported benefits that would flow to Marathon in connection with that joint venture.
On November 15, 2021, the truth regarding the Beowulf Joint Venture was revealed when Marathon reported its third-quarter 2021 financial results through the filing of a Form 10-Q. In the report, Marathon disclosed that the company received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) seeking documents concerning its Hardin, Montana data center. Specifically, Marathon revealed that “during the quarter ended September 30, 2021, [Marathon] and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility described in [Marathon’s] Form 8-K dated October 13, 2020.” The report went on to disclose that Marathon understands “that the SEC may be investigating whether or not there may have been any violations of the federal securities law.”
Following this news, Marathon stock fell $20.52, or 27%, to close at $55.40 per share on November 15, 2021.
WHAT CAN I DO?
Marathon investors may, no later than February 15, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Marathon investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ecfab1c1-2488-4516-8608-3d847b16885d