NEW YORK, Feb. 03, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Hut 8 Corp. (“Hut 8” or the “Company”) (NASDAQ: HUT). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Hut 8 and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 30, 2023, Hut 8 Mining Corp. merged with U.S. Data Mining Group, Inc. dba US Bitcoin Corp. (“USBTC”), and the combined company named Hut 8 Corp. On January 18, 2024, J Capital Research published a report alleging, among other things, that USBTC is “backed by promoters with a history of legal trouble,” has an “undisclosed related party” as one of its largest shareholders, and that its core asset “has historically failed to provide energy and high-speed internet.” The report further claimed that, without the merger with Hut 8, USBTC “would have done a structured bankruptcy,” estimating that its value is as much as 70% less than the $745 million that Hut 8 paid to acquire it.
On this news, Hut 8’s stock price fell $2.16 per share, or 23.3%, to close at $7.12 per share on January 18, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
