SAN FRANCISCO, Jan. 21, 2021 /PRNewswire/ -- Hagens Berman urges investors in Bit Digital, Inc. (NASDAQ: BTBT) with significant losses submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Bit Digital, Inc. (BTBT) Securities Fraud Class Action:
The complaint centers on whether Defendants misled investors about Bit Digital's business operations and prospects by concealing that the company exaggerated its bitcoin mining operation.
Investors began to learn the truth, according to the complaint, on Jan. 11, 2021, when market analyst J Capital Research issued a scathing report about the company, concluding that Bit Digital operates "a fake crypto currency business" "designed to steal funds from investors."
According to J Capital, "[t]he company reported at end Q3 2020 that it was operating 22,869 bitcoin miners in China," but that "is simply not possible" and "[w]e verified with local governments supposedly hosting the BTBT mining operation that there are no bitcoin miners there."
In response, the price of Bit Digital shares crashed lower.
"We're focused on investor losses and proving Bit Digital faked its business by falsely portraying itself as a player in bitcoin mining," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Bit Digital investor or have information that may assist our investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Bit Digital should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BTBT@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP