Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Hut 8 Corp. (NASDAQ: HUT) securities between November 9, 2023 and January 18, 2024. Hut 8 is a crypto currency and data mining company. The Company is engaged in Bitcoin mining and hosting, managed services, energy arbitrage, and operating traditional data centers.
The Allegations: According to the complaint, Hut 8 formed following the November 2023 merger of Hut 8 Mining Corp. and U.S. Data Mining Group, Inc. d/b/a US Bitcoin Corp. (“USBTC”). Plaintiff alleges that during the class period, defendants failed to disclose to investors: (1) that one of USBTC’s largest shareholders is an undisclosed related party; (2) that USBTC’s core asset has historically failed to provide energy and high-speed internet; and (3) that the profitability of certain USBTC assets were overstated. Upon disclosure of this information, Hut 8’s stock price fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024.
What Now: You may be eligible to participate in the class action against Hut 8 Corp. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by April 8, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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