The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Stronghold Digital Mining, Inc. who purchased Stronghold Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s October 2021 initial public offering.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that:
(1) contracted suppliers, including MinerVa Semiconductor Corp., were reasonably likely to miss anticipated delivery quantities and deadlines; (2) due to strong demand and pre-sold supply of mining equipment in the industry, Stronghold would experience difficulties obtaining miners outside of confirmed purchase orders; (3) as a result of the foregoing, there was a significant risk that Stronghold could not expand its mining capacity as expected; (4) as a result, Stronghold would likely experience significant losses; and (5) 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.
“Stronghold Digital Mining, Inc.”
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 13, 2022 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.