Lieff Cabraser announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Marathon Digital Holdings, Inc. (“Marathon” or the “Company”) (NASDAQ: MARA) between October 13, 2020 and November 15, 2021, inclusive (the “Class Period”).
If you purchased or otherwise acquired Marathon securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 15, 2022. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Marathon investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here, or email firstname.lastname@example.org, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Marathon Securities Class Litigation
Marathon, headquartered in Las Vegas, Nevada, is a cryptocurrency mining company. On March 1, 2021, the Company changed its name from Marathon Patent Group, Inc. to Marathon Digital Holdings, Inc. In October 2020, Marathon announced the formation of Beowulf Joint Venture with the company Beowulf Energy LLC (“Beowulf”). The focus of the Beowulf Joint Venture was to “deliver low-cost power to Marathon’s Bitcoin mining operations.” Pursuant to the joint venture, Marathon entered into a series of agreements with various parties, including affiliates of Beowulf and Two Point One, LLC, to design and build a data center in Hardin, Montana (the “Hardin Facility”), issuing six million shares of its common stock to the parties of those agreements.
The action alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (a) the Beowulf Joint Venture, as it related to the Hardin Facility, implicated potential regulatory violations, including U.S. securities law violations; (b) as a result, the Beowulf Joint Venture subjected Marathon to a heightened risk of regulatory scrutiny; and (c) the foregoing was reasonably likely to have a material negative impact on the Company’s business and commercial prospects.
On November 15, 2021, Marathon disclosed that the Company and certain of its executives had received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) “to produce documents and communications” related to the Hardin Facility. Marathon further revealed that “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%, from its close of $75.91 per share on November 12, 2021, to close at $55.40 per share on November 15, 2021, on unusually heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”