NEW YORK, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Hut 8 Corp. (“Hut 8” or the “Company”) (NASDAQ: HUT) securities between November 9, 2023 and January 18, 2024, inclusive (the “Class Period”).
The Company is a crypto currency and data mining company. According to the Complaint, the Company formed following the November 2023 merger of Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp. (“USBTC”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) one of USBTC’s largest shareholders is an undisclosed related party; (ii) USBTC’s core asset has historically failed to provide energy and high-speed internet; and (iii) the profitability of certain USBTC assets were overstated.
The Complaint also alleges that on January 18, 2024, J Capital Research published a report which alleged, among other things, that the Company’s merger with USBTC was premised on a number of alleged misstatements. On this news, the price of the Company’s stock fell more than 23%.
Investors who purchased or otherwise acquired shares of Hut 8 should contact the Firm prior to the April 8, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
