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BOSTON, MA / ACCESSWIRE / February 24, 2021 / Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that a lawsuit for violation of the federal securities laws has been filed against Bit Digital, Inc. (NASDAQ:BTBT) and certain of its executives.
On January 11, 2021, analyst J Capital Research published a report alleging that Bit Digital operates a "fake crypto currency business," that is "designed to steal funds from investors." J Capital continued that although Bit Digital claims "it was operating 22,869 bitcoin miners in China," that this "is simply not possible." J Capital wrote that it "verified with local governments supposedly hosting the BTBT mining operations that there are no bitcoin miners there." J Capital alleged that "the bitcoin business BTBT discloses is completely fraudulent." The market was stunned by this report, and Bit Digital's stock price fell $6.27 in one day, or approximately 25%, to close at $18.76 on January 11, 2021.
A lawsuit has been filed against Bit Digital and certain of its executives in the U.S. District Court for the Southern District of New York. The lawsuit is captioned Pauwels v. Bit Digital, Inc., et al., No. 21-cv-00515 (S.D.N.Y.). The suit alleges that Bit Digital misled investors as to the extent of the Company's bitcoin mining operation.
If you purchased or acquired shares of Bit Digital between December 21, 2020 and January 8, 2021, you are strongly encouraged to contact the nationally-recognized securities law firm Block & Leviton LLP (www.blockleviton.com), at (617) 398-5600, via email at firstname.lastname@example.org, or visit our website. The deadline to move the Court to be appointed lead plaintiff is March 22, 2021.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP