RADNOR, Pa., Feb. 21, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Bit Digital, Inc. (NASDAQ:BTBT) (“Bit Digital”) on behalf of those who purchased or acquired Bit Digital securities between December 21, 2020 and January 8, 2021, inclusive (the “Class Period”).
Deadline Reminder: Investors who purchased or acquired Bit Digital securities during the Class Period may, no later than March 22, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at email@example.com; or click https://www.ktmc.com/bit-digital-inc-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=bit%20digital
According to the complaint, Bit Digital is a holding company that engages in the bitcoin mining business through its wholly owned subsidiaries in the United States and Hong Kong.
The Class Period commences on December 21, 2020 when Bit Digital announced its revised third quarter 2020 financial results in a press release.
On January 11, 2021, J Capital Research (“J Capital”) issued a research report alleging, among other things, that Bit Digital operates “a fake crypto currency business. . . designed to steal funds from investors.” Though Bit Digital claims “it was operating 22,869 bitcoin miners in China,” J Capital 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.”
Following this news, Bit Digital’s stock price fell $6.27 per share, or 25%, to close at $18.76 per share on January 11, 2021.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Bit Digital overstated the extent of its a bitcoin mining operation; and (2) as a result of the foregoing, the defendants’ positive statements about Bit Digital’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Bit Digital investors may, no later than March 22, 2021, 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. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)