If you are a shareholder of Stronghold Digital Mining, Inc. (STDM), you have until July 31, 2020 to file a lead plaintiff motion in the class action lawsuit.
The lawsuit alleges that the defendants violated federal securities laws by making false and misleading statements about the company's business, operational and financial condition.
Specifically, the lawsuit alleges that the defendants failed to disclose that: (1) the company was experiencing significant delays in the development of its mining chips and software; (2) as a result, STDM would likely be unable to meet its revenue projections for fiscal year 2018; and (3) as a result of the foregoing, defendants' positive statements about STDM's business, prospects, operations, and finances were materially misleading and/or lacked a reasonable basis.
On April 2, 2018, STDM announced that it was delaying the release of its new mining chips and software due to "unexpected delays." Following this news, the price of STDM shares fell sharply. Then on May 15, 2018, STDM announced that it was reducing its revenue guidance for fiscal year 2018, citing the delays in the development of its mining chips and software.
If you are a shareholder who suffered a loss, click here to participate.
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