NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased CleanSpark, Inc. (NASDAQ: CLSK) securities between December 31, 2020 and January 14, 2021 (the “Class Period”). Investors have until March 22, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
CleanSpark provides advanced software and controls technology solutions, including end-to-end microgrid energy modeling, energy market communications, and energy management solutions.
On January 14, 2021, Culper Research published a report alleging, among other things, that CleanSpark has “fabricated key elements of its business, including purported customers and contracts” and that it is “rife with undisclosed related party transactions.”
On this news, the Company’s share price fell $3.63, or 9%, to close at $35.71 per share on January 14, 2021, thereby damaging investors. The stock continued to decline the next trading session by $4.56, or 13%, to close at $31.15 per share on January 15, 2021.
The complaint, filed on January 20, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company had overstated its customer and contract figures; (2) that several of the Company’s recent acquisitions involved undisclosed related party transactions; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased CleanSpark securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
