NEW YORK, March 30, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Core Scientific, Inc. f/k/a Power & Digital Infrastructure Acquisition Corp. (“Core Scientific” or the “Company”) (NASDAQ: CORZ; CORZW; XPDI; XPDIU; XPDIW). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Core Scientific and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
Core Scientific began as a special purpose acquisition company (“SPAC”), also called a blank-check company, which is a development stage company that has no specific business plan or purpose, or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person. On January 20, 2022, Core Scientific completed a business combination with a target company and began offering blockchain and artificial intelligence infrastructure services. Then, on March 3, 2022, Culper Research (“Culper”) issued a short report alleging that Core Scientific “has wildly oversold both its mining and hosting businesses, which it cobbled together in a series of questionable transactions before dumping onto the market via SPAC.” The Culper report also stated that, “[o]n Monday, Core [Scientific] disclosed that its board waived the 180-day lockup on over 282 million shares, making them free to be dumped just 5 trading days from today[,]” which “shows insiders have abandoned any pretense of care for minority shareholders.”
On this news, Core Scientific’s stock price fell $0.72 per share, or 9.35%, to close at $6.98 per share on March 3, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
