1. Bitfarms faces a class action lawsuit alleging securities fraud. 2. Lawsuit claims false financial reporting between March 2023 and December 2024. 3. Allegations include misclassification of cash flows and internal control deficiencies. 4. Incorrect financial statements could lead to restatements and loss recovery claims. 5. Investors affected can seek compensation without upfront costs.
The allegations of securities fraud and the potential for restatements could significantly harm investor confidence and the company's stock price, similar to previous cases in cryptocurrency firms like Marathon Digital Holdings (MARA), which faced similar challenges resulting in stock price declines.
The class action lawsuit indicates serious legal challenges for Bitfarms, which could substantially impact its financial health and market perception, thus directly influencing BITF's stock price.
The lawsuit could lead to immediate volatility as investors react to news and uncertainties surrounding legal matters, mirroring the immediate effects seen with stock price fluctuations in cases like Cipher Mining Technologies after legal actions.
/PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Bitfarms Ltd. ("Bitfarms Ltd." or the "Company") (NASDAQ: BITF) of a class action securities lawsuit.
The lawsuit seeks to recover losses on behalf of Bitfarms Ltd. investors who were adversely affected by alleged securities fraud between March 21, 2023 and December 9, 2024. Follow the link below to get more information and be contacted by a member of our team:
https://zlk.com/pslra-1/bitfarms-ltd-lawsuit-submission-form?prid=149759&wire=4
Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
The filed complaint alleges that defendants made false statements and/or concealed that:
If you suffered a loss in Bitfarms Ltd. during the relevant time frame, you have until July 8, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com