NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 8, 2024 to file lead plaintiff applications in a securities class action lawsuit against Hut 8 Corp. (NasdaqGS: HUT), if they purchased the Company’s securities between November 9, 2023 and January 18, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Hut 8 and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-hut/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 8, 2024.
About the Lawsuit
Hut 8 and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 18, 2024, a report by J Capital Research highlighted many purported misstatements by the Company relating to its merger with U.S. Data Mining Group, Inc., doing business as U.S. Bitcoin Group (USBTC), in November of 2023 including (1) that an “undisclosed related party” was one of the major shareholders of USBTC, (2) that one of USBTC’s core assets, the King Mountain JV, “has historically failed to provide energy and high-speed internet,” and (3) that the Company had misstated certain finances of the King Mountain JV by failing to account for certain interest expenses.
On this news, the price of Hut 8’s shares fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024, on unusually heavy trading volume.
The case is Mayiras v. Hut 8 Corp., et al., No. 24-cv-00904.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
