NEW YORK, Jan. 25, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Bit Digital, Inc. ("Bit Digital" or the "Company") (NASDAQ: BTBT) from December 21, 2020 through January 8, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Bit Digital securities, and/or would like to discuss your legal rights and options please visit Bit Digital Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
The complaint alleges that the Defendants made false and/or misleading statements and/or failed to disclose that: (1) Bit Digital overstated the extent of its bitcoin mining operation; (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On January 11, 2021, J Capital Research issued a research report alleging, among other things, that Bit Digital operates "a fake crypto currency business" "designed to deal funds from investors." While the Company claims "it was operating 22,869 bitcoin miners in China," J Capital's report alleged that "is simply not possible" and stated that "[w]e verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there."
On this news, the Bit Digital's stock price fell $6.27, or approximately 25%, to close at $18.76 per share on January 11, 2021.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 22, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Bit Digital securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/bitdigital-btbt-shareholder-class-action-lawsuit-fraud-stock-357/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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