Marathon Digital Holdings Inc. Class Action Lawsuit - MARA
- Company Name
- Marathon Digital Holdings Inc.
- Stock Symbol
- Class Period
- October 13, 2020 to November 15, 2021
- Motion Deadline
- February 15, 2022
- District of Nevada
The Marathon Digital class action lawsuit seeks to represent purchasers of Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc. (NASDAQ: MARA) securities between October 13, 2020 and November 15, 2021, inclusive (the “Class Period”) and charges Marathon Digital along with certain of its top executives with violations of the Securities Exchange Act of 1934. The Marathon Digital class action lawsuit was commenced on December 17, 2021 in the District of Nevada and is captioned Schlatre v. Marathon Digital Holdings, Inc. f/k/a Marathon Patent Group, Inc., No. 21-cv-02209.
If you wish to serve as lead plaintiff of the Marathon Digital class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Marathon Digital class action lawsuit must be filed with the court no later than February 15, 2022.
CASE ALLEGATIONS: Marathon Digital is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States. Marathon Digital was formerly known as “Marathon Patent Group, Inc.” and changed its name to “Marathon Digital Holdings, Inc.” on March 1, 2021. In October 2020, Marathon Digital announced the formation of a new joint venture with Beowulf Energy LLC purportedly focused on delivering low-cost power to Marathon Digital’s Bitcoin mining operations. In connection with that joint venture, Marathon Digital entered into a series of agreements with multiple parties to design and build a data center in Hardin, Montana, issuing 6 million shares of its common stock to the parties of those agreements.
The Marathon Digital class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the Beowulf joint venture, as it related to the Hardin facility, implicated potential regulatory violations, including U.S. securities law violations; (ii) as a result, the Beowulf joint venture subjected Marathon Digital to a heightened risk of regulatory scrutiny; (iii) this was reasonably likely to have a material negative impact on Marathon Digital’s business and commercial prospects; and (iv) as a result, Marathon Digital’s public statements were materially false and misleading at all relevant times.
On November 15, 2021, Marathon Digital disclosed that Marathon Digital “and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility,” and advised that the U.S. Securities and Exchange Commission “may be investigating whether or not there may have been any violations of the federal securities law.” On this news, Marathon Digital’s stock price fell by more than 27%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Marathon Digital securities during the Class Period to seek appointment as lead plaintiff in the Marathon Digital class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Marathon Digital class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Marathon Digital class action lawsuit. An investor’s ability to share in any potential future recovery of the Marathon Digital class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm.