MARA CLASS ACTION ALERT: Kessler Topaz Meltzer & Check, LLP Announces to Marathon Digital Holdings, Inc. Investors of Deadline in Securities Fraud Class Action Lawsuit

Time:2022-01-11 Source: 730 views Trending Copy share

The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc. ("Marathon") (NASDAQ: MARA). The action charges Marathon with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Marathon's materially misleading statements to the public, Marathon investors have suffered significant losses.

Marathon is a digital asset technology company that primarily engages in mining cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets. On October 13, 2020, Marathon issued a press release announcing the formation of the Beowulf Joint Venture. That press release represented that the Beowulf Joint Venture was "focused on delivering low cost power to Marathon's Bitcoin mining operations [,]" while also asserting various purported benefits that would flow to Marathon in connection with that joint venture.

On November 15, 2021, the truth regarding the Beowulf Joint Venture was revealed when Marathon reported its third-quarter 2021 financial results through the filing of a Form 10-Q. In the report, Marathon disclosed that the company received a subpoena from the U.S. Securities and Exchange Commission ("SEC") seeking documents concerning its Hardin, Montana data center. Specifically, Marathon revealed that "during the quarter ended September 30, 2021, [Marathon] and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility described in [Marathon's] Form 8-K dated October 13, 2020." The report went on to disclose that Marathon understands "that the SEC may be investigating whether or not there may have been any violations of the federal securities law."

Following this news, Marathon stock fell $20.52, or 27%, to close at $55.40 per share on November 15, 2021.

Marathon investors may, no later than February 15, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Marathon investors who have suffered significant losses to contact the firm directly to acquire more information.

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

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