{"id":74607,"date":"2024-03-23T19:34:05","date_gmt":"2024-03-23T19:34:05","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-hut-8-corp-of-class-action-lawsuit-and-upcoming-deadlines-hut\/"},"modified":"2024-03-23T19:34:05","modified_gmt":"2024-03-23T19:34:05","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-hut-8-corp-of-class-action-lawsuit-and-upcoming-deadlines-hut","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-hut-8-corp-of-class-action-lawsuit-and-upcoming-deadlines-hut\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Hut 8 Corp. of Class Action Lawsuit and Upcoming Deadlines \u2013 HUT"},"content":{"rendered":"
\n

NEW YORK, March 23, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Hut 8 Corp. (\u201cHut 8\u201d or the \u201cCompany\u201d) (NASDAQ: HUT).\u00a0\u00a0 The class action, filed in the United States District Court for the Southern District of New York, and docketed under 24 -cv-01636, is on behalf of persons and entities that purchased or otherwise acquired Hut 8 securities between November 9, 2023 and January 18, 2024, inclusive (the \u201cClass Period\u201d).\u00a0 Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d).<\/p>\n

If you are a shareholder who purchased or otherwise acquired Hut 8 securities during the Class Period, you have until April 8, 2024, to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at www.pomerantzlaw.com<\/u><\/a>. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com<\/u><\/a> or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0<\/p>\n

[Click here for information about joining the class action]<\/u><\/strong><\/a><\/p>\n

Hut 8 is a crypto currency and data mining company.\u00a0 The Company is engaged in Bitcoin mining and hosting, managed services, energy arbitrage, and operating traditional data centers.\u00a0 The Company operates computing infrastructure which mines Bitcoin and delivers computing services to enterprise customers.<\/p>\n

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. (\u201cUSBTC\u201d) (the \u201cMerger\u201d).\u00a0\u00a0 USBTC held a 50% interest in a joint venture bitcoin mining facility, located in King Mountain, Texas (the \u201cKing Mountain JV\u201d), which was acquired in the Merger.<\/p>\n

Throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects.\u00a0 Specifically, Defendants failed to disclose to investors: (1) that one of USBTC\u2019s largest shareholders is an undisclosed related party; (2) that USBTC\u2019s core asset has historically failed to provide energy and high-speed internet; (3) that the profitability of certain USBTC assets were overstated; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

On January 18, 2024, at approximately 10:30 AM EST, J Capital Research published a report which alleged, inter alia, that Hut 8\u2019s merger with USBTC was premised on a number of alleged misstatements, including (1) that the USBTC had an \u201cundisclosed related party\u201d as one of its largest shareholders, (2) that one of USBTC\u2019s core assets, the King Mountain JV, \u201chas historically failed to provide energy and high-speed internet,\u201d and (3) that the Company had misstated certain finances of the King Mountain JV by failing to account for certain interest expenses.\u00a0 Citing individuals \u201chighly familiar\u201d with USBTC, the report stated that, without the Merger, USBTC would have undergone bankruptcy and that USBTC had a value estimated to be 70% less than the approximately $745 million that Hut 8 paid to acquire it.<\/p>\n

On this news, Hut 8\u2019s stock price fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024, on unusually heavy trading volume.<\/p>\n

As a result of Defendants\u2019 wrongful acts and omissions, and the precipitous decline in the market value of the Company\u2019s securities, Plaintiff and other Class members have suffered significant losses and damages.<\/p>\n

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com<\/u><\/a>.<\/p>\n

Attorney advertising. \u00a0Prior results do not guarantee similar outcomes.<\/p>\n

CONTACT:<\/strong><\/p>\n

Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com<\/u><\/a>
<\/a>646-581-9980 ext. 7980<\/p>\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, March 23, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Hut 8 Corp. (\u201cHut 8\u201d or the \u201cCompany\u201d) (NASDAQ: HUT).\u00a0\u00a0 The class action, filed in the United States District Court for the Southern District of New York, and docketed under 24 -cv-01636, is on behalf […]<\/p>\n","protected":false},"author":2,"featured_media":74608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/ml.globenewswire.com\/media\/M2Q5YzBmYjYtZjZhNy00M2JjLTljNmEtNDViYWFkN2IzZmViLTEwMjkyMTc=\/tiny\/Pomerantz-LLP.png","fifu_image_alt":"","footnotes":""},"categories":[208],"tags":[],"class_list":["post-74607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-globenewswire"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/74607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=74607"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/74607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/74608"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=74607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=74607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=74607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}