Robbins LLP is Investigating the Allegations Against Hut 8 Corp. (HUT)
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Hut 8 Corp. (NASDAQ: HUT) securities between November 9, 2023 and January 18, 2024. Hut 8 is a crypto currency and data mining company. The Company is engaged in Bitcoin mining and hosting, managed services, energy arbitrage, and operating traditional data centers.
The Allegations: According to the complaint, 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. (“USBTC”). Plaintiff alleges that during the class period, defendants failed to disclose to investors: (1) that one of USBTC’s largest shareholders is an undisclosed related party; (2) that USBTC’s core asset has historically failed to provide energy and high-speed internet; and (3) that the profitability of certain USBTC assets were overstated. Upon disclosure of this information, Hut 8’s stock price fell $2.16, or 23.3%, to close at $7.12 per share on January 18, 2024.
What Now: You may be eligible to participate in the class action against Hut 8 Corp. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by April 8, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
