Marathon Digital Holdings, Inc.
Exchange: NASDAQ
Ticker: MARA
Date of Filing: 12/17/2021
Court: Nevada District Court
Filing Deadline

02/15/2022

Marathon Digital Holdings, Inc.

Marathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in the United States. The Company 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 announced the formation of a new joint venture with Beowulf Energy LLC (Beowulf) purportedly focused on delivering low-cost power to Marathons Bitcoin mining operations (the Beowulf Joint Venture). In connection with that joint venture, Marathon entered into a series of agreements with multiple parties to design and build a data center in Hardin, Montana (the Hardin Facility), issuing 6 million shares of its common stock to the parties of those agreements. The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Companys business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or 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 to a heightened risk of regulatory scrutiny; (iii) the foregoing was reasonably likely to have a material negative impact on the Companys business and commercial prospects; and (iv) as a result, the Companys public statements were materially false and misleading at all relevant times. On November 15, 2021, Marathon disclosed that the Company and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility[,] and advised that the SEC may be investigating whether or not there may have been any violations of the federal securities law. On this news, Marathons stock price fell $20.52 per share, or 27.03%, to close at $55.40 per share on November 15, 2021.

Notes:

The alleged class includes : All persons and entities other than Defendants that purchased or otherwise acquired Marathon securities between October 13, 2020 and November 15, 2021, both dates inclusive.


For More information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com or atwersky@aftlaw.com.  Atara is Principal at Twersky Law Group and Of counsel at AF&T law firm where she is director of Investor Services.  Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust.  For more information on shareholder recoveries click here and to listen to Atara’s podcast with notable guests in the Pension fund Industry listen to Pension and Investments Podcast, on all matters related to your investment portfolio and more. For more information on  Atara and her legal work connected to shareholder protection click here.

DOCUMENTS


COMPLAINT

PLEASE READ THE COMPLAINT  DOCUMENT BEFORE SIGNING UP FOR THIS CASE.