BENSALEM, Pa., Feb. 5, 2021 /PRNewswire/ -- Law Offices of Howard G. Smith reminds investors of the upcoming March 22, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased CleanSpark, Inc. ("CleanSpark" or the "Company") (NASDAQ: CLSK) securities between December 31, 2020 and January 14, 2021, inclusive (the "Class Period").
Investors suffering losses on their CleanSpark investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On January 14, 2021, Culper Research published a report titled "Cleanspark (CLSK): Back to the Trash Can," alleging, among other things, that CleanSpark has "fabricated key elements of its business, including purported customers and contracts" and is also "rife with undisclosed related party transactions."
On this news, the Company's share fell $3.63 per share, or 9%, to close at $35.71 per share on January 14, 2021, thereby injuring investors. The stock continued to decline the next trading session by $4.56, or 13%, to close at $31.15 per share on January 15, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had overstated its customer and contract figures; (2) that several of the Company's recent acquisitions involved undisclosed related party transactions; and (3) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired CleanSpark securities during the Class Period, you may move the Court no later than March 22, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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SOURCE Law Offices of Howard G. Smith